UPDATE: Jefferies Initiates Verastem at Buy on Cancer Research Potential

In a report published Monday, Jefferies analyst Biren Amin initiated coverage on Verastem VSTM with a Buy rating and $21.00 price target.

In the report, Jefferies noted, “VSTM's R&D focus is the development of drugs targeting cancer stem cells. VSTM will begin a registration-directed PII trial for its lead candidate, VS-6063 (FAK inhibitor), in mesothelioma that we believe has favorable odds of showing a PFS benefit, supporting potential accelerated approval in H2'16. We are initiating coverage of VSTM with a Buy and $21 PT.”

Verastem closed on Friday at $14.78.