In a recent filing with the Securities and Exchange Commission, Verastem, Inc. (NASDAQ:VSTM), a $190 million market cap biotech company currently trading at $4.19, disclosed that Brian M. Stuglik, a director at the company, sold shares of the company's common stock. According to InvestingPro analysis, the company appears undervalued at current levels. The transactions, which took place on December 16 and December 19, involved the sale of a total of 929 shares at prices ranging from $4.37 to $4.54 per share. The total value of these sales amounted to $4,160. These transactions were carried out to satisfy statutory withholding requirements related to the vesting of restricted stock units. Following these sales, Stuglik holds 95,180 shares directly. The company maintains strong liquidity with a current ratio of 3.23 and has shown impressive momentum with a 36% gain over the past six months. Discover more insights and 10+ additional ProTips with InvestingPro.
In other recent news, Verastem reported updated results from its ongoing RAMP 203 clinical study, which examines a combination of avutometinib, defactinib, and sotorasib in treating KRAS G12C mutant non-small cell lung cancer. The company also revealed that it holds $113 million in cash and cash equivalents, sufficient to support operations through the first half of 2025. On the analyst front, H.C. Wainwright reaffirmed a Buy rating and a $7.00 price target on Verastem's shares, while Mizuho (NYSE:MFG) Securities raised its price target to $9.00, maintaining an Outperform rating. Truist Securities also maintained a Buy rating with a $15.00 price target.
These are recent developments for Verastem, a biopharmaceutical company with a focus on oncology. The company's second-quarter financial results exceeded expectations due to milestone payments and the company announced plans to raise approximately $55 million through a public offering. Verastem also received the FDA's Orphan Drug Designation for a drug combination aimed at treating pancreatic cancer and disclosed promising interim results from its ongoing RAMP 205 trial.
These developments are part of Verastem's ongoing efforts in the field of oncology, with various financial firms including H.C. Wainwright, Mizuho Securities, Truist Securities, B.Riley, and RBC Capital Markets revising their stock targets for the company following these updates.
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