B. Riley has elevated its price target for Verastem (VSTM, Financial) from $12 to $13, maintaining a Buy rating on the stock. The upward revision comes as Verastem announces the accelerated FDA approval of its drug combination featuring avutometinib and defactinib, specifically targeting KRAS-mutant recurrent low-grade serous ovarian cancer. This breakthrough marks the first approved treatment for this group of patients.
The approval was granted 53 days earlier than the anticipated PDUFA date of June 30, highlighting the robustness of the clinical data presented. This development quells any concerns about potential delays caused by FDA resource limitations, as noted by analysts in their report.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 8 analysts, the average target price for Verastem Inc (VSTM, Financial) is $14.25 with a high estimate of $20.00 and a low estimate of $8.00. The average target implies an upside of 93.35% from the current price of $7.37. More detailed estimate data can be found on the Verastem Inc (VSTM) Forecast page.
Based on the consensus recommendation from 9 brokerage firms, Verastem Inc's (VSTM, Financial) average brokerage recommendation is currently 1.7, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
