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UPDATE: Oppenheimer Raised PT on Verastem Following Analyst Day

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In a report published Friday, Oppenheimer analyst David Ferreiro reiterated an Outperform rating on Verastem (NASDAQ: VSTM), but lowered the price target from $16.00 to $18.00.

In the report, Oppenheimer noted, “VSTM provided a more granular view of the cancer stem cell (CSC) platform/pipeline. Focus remains on FAK inhibitor, VS-6063, slated to begin a registration-directed ph.II mesothelioma trial this summer. We believe VS-6063 is a promising shot on goal in this indication, based on the supportive theoretical/preclinical evidence. We also maintain comfort with the study design, which is strategically adaptive. Management also elaborated on the FAK inhibitor franchise's potential outside mesothelioma and on the unique properties of PI3K/mTOR inhibitor, VS-5584, relative to drugs in these classes. We expect continued momentum in VSTM as the pipeline progresses, with three compounds reporting new ph.I data through 2014. We are increasing our PT to $18, from $16, reflecting an improved outlook on the pipeline.”

Verastem closed on Thursday at $17.29.

Latest Ratings for VSTM

DateFirmActionFromTo
Sep 2017Cantor FitzgeraldUpgradesNeutralOverweight
Apr 2017OppenheimerInitiates Coverage OnOutperform
Mar 2017H.C. WainwrightReiteratesBuy

View More Analyst Ratings for VSTM
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Posted-In: David Ferreiro OppenheimerAnalyst Color Price Target Analyst Ratings

 

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