Robert E. Gagnon, a director at Verastem, Inc. (NASDAQ:VSTM), recently sold shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The transactions took place on December 16 and December 19, with a total sale value of $1,862. The biotechnology company, currently valued at $190 million, has shown strong momentum with a 37% price gain over the past six months, according to InvestingPro data.
On December 16, Gagnon sold 285 shares at a price of $4.54 each. This was followed by a sale of 130 shares on December 19 at $4.37 per share. These transactions were made to satisfy statutory withholding requirements related to the vesting of restricted stock units, as noted in the filing. The stock currently trades at $4.19, with analyst targets ranging from $7 to $15 per share.
Following these transactions, Gagnon directly owns 34,477 shares of Verastem. InvestingPro analysis shows the company maintains a healthy balance sheet with more cash than debt and strong liquidity, though investors should note it's currently trading at a high Price/Book multiple of 16.9x. For deeper insights into Verastem's financial health and growth prospects, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Verastem, a biopharmaceutical company, has reported updated results from its ongoing clinical study, RAMP 203. The study examines a combination of avutometinib, defactinib, and sotorasib in treating KRAS G12C mutant non-small cell lung cancer. The company plans to complete patient enrollment for the KRAS G12C prior-treated cohort in early 2025 and provide further updates. Verastem also reported having $113 million in cash and cash equivalents, sufficient to support the company's operations through the first half of 2025.
Mizuho (NYSE:MFG) Securities raised its price target on Verastem to $9.00, maintaining an Outperform rating due to a revised valuation model for the company's leading cancer treatment, avutometinib plus defactinib. This change led to a projection of peak year sales for A+D at approximately $750 million, expected to be reached in 2029. Meanwhile, H.C. Wainwright reaffirmed a Buy rating and a $7.00 price target, and Truist Securities maintained a Buy rating with a $15.00 price target, expressing confidence in the company's future value.
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, along with the company's financial performance and drug development, highlight the recent activities of Verastem.
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