Verastem (NASDAQ:VSTM) Share Price Passes Above 200 Day Moving Average – Here’s What Happened

Shares of Verastem, Inc. (NASDAQ:VSTM) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $4.55 and traded as high as $7.22. Verastem shares last traded at $6.71, with a volume of 615,857 shares traded.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. StockNews.com lowered shares of Verastem from a “hold” rating to a “sell” rating in a research note on Tuesday, November 19th. Guggenheim reaffirmed a “buy” rating on shares of Verastem in a research note on Friday, January 24th. BTIG Research increased their price objective on Verastem from $13.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Royal Bank of Canada lifted their target price on shares of Verastem from $13.00 to $16.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 7th. Finally, B. Riley upped their target price on shares of Verastem from $7.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, January 31st. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to MarketBeat, Verastem currently has an average rating of “Moderate Buy” and an average target price of $13.63.

Verastem Stock Performance

The firm has a fifty day moving average price of $5.96 and a 200 day moving average price of $4.55. The company has a current ratio of 3.23, a quick ratio of 3.23 and a debt-to-equity ratio of 2.77. The firm has a market cap of $298.64 million, a PE ratio of -2.10 and a beta of 0.60.

Insiders Place Their Bets

In other news, CEO Dan Paterson sold 8,568 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $5.24, for a total transaction of $44,896.32. Following the completion of the sale, the chief executive officer now owns 347,581 shares in the company, valued at $1,821,324.44. This trade represents a 2.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 9,838 shares of company stock valued at $51,588 over the last ninety days. Company insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in VSTM. Tower Research Capital LLC TRC raised its position in Verastem by 51.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,997 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 1,698 shares during the period. FMR LLC acquired a new stake in shares of Verastem during the 3rd quarter worth about $41,000. JPMorgan Chase & Co. raised its holdings in Verastem by 55.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 16,878 shares of the biopharmaceutical company’s stock valued at $50,000 after buying an additional 6,016 shares during the period. ProShare Advisors LLC acquired a new position in Verastem in the fourth quarter valued at about $56,000. Finally, Voya Investment Management LLC purchased a new position in Verastem during the fourth quarter worth about $59,000. 88.37% of the stock is currently owned by institutional investors and hedge funds.

About Verastem

Verastem, Inc, a development-stage biopharmaceutical company, focuses on developing and commercializing drugs for the treatment of cancer in the United States. Its product candidates are Avutometinib, an orally available small molecule RAF/MEK clamp that inhibits the ras sarcoma RAF/MEK, ERK mitogen activated pathway kinase pathway which is involved in cell proliferation, migration, transformation, and survival of tumor cells; and Defactinib, an oral small molecule inhibitor of FAK and proline-rich tyrosine kinase for various solid tumors.