Verastem Receives a Buy from Oppenheimer

By Jason Carr

In a report released today, Leah R. Cann from Oppenheimer reiterated a Buy rating on Verastem (NASDAQ: VSTM), with a price target of $6. The company’s shares closed last Friday at $2.32, close to its 52-week high of $2.54.

R. Cann wrote:

“At the European Hematology Association (EHA) meeting in Madrid, Spain, Verastem presented long-term follow-up data from the DYNAMO study that met its primary endpoint of Overall Response Rate (ORR) with a p-value of 0.0001 at the final analysis. We expect that Verastem will launch Duvelisib in 2019 in the CLL setting and it will be the primary revenue and earnings driver for Verastem. While we have not built any expectations for sales of Duvelisib in the iNHL or SLL settings by 2021, the results presented at EHA are encouraging in these settings. These more mature data presented this past weekend at EHA were in-line with earlier data presented for Duvelisib in June 2016.”

According to TipRanks.com, Cann is a 4-star analyst with an average return of 12.5% and a 84.3% success rate. Cann covers the Healthcare sector, focusing on stocks such as CytomX Therapeutics Inc, Syros Pharmaceuticals, and Seattle Genetics.

Verastem has an analyst consensus of Moderate Buy, with a price target consensus of $4.

The company has a one year high of $2.54 and a one year low of $1.05. Currently, Verastem has an average volume of 457.1K.

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Verastem, Inc. is a clinical biopharmaceutical company, which is focused on discovering and developing drugs to treat cancer by the targeted killing of cancer stem cells. The company is developing small molecule inhibitors of signaling pathways which includes Focal Adhesion Kinase FAK, PI3K/mTOR and Wnt that are critical to cancer stem cell survival and proliferation. Verastem was founded by Richard H. Aldrich, Michelle Dipp, Piyush Gupta, Satish Jindal, Eric S. Lander, Robert F. Weinberg and Christoph H. Westphal on August 4, 2010 and is headquartered in Cambridge, MA.,0B6TN5-E