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On Friday, BTIG analysts maintained their Buy rating and $20.00 price target for Verastem (NASDAQ:VSTM), a biotechnology company focused on developing cancer treatments. The firm’s analysts supported their stance with the view that Verastem represents a unique investment opportunity within the current challenging biotech market. They highlighted the company’s near commercial approval drug for a largely unmet oncology need, which they believe has over $1 billion market potential. With a current market capitalization of $313.2 million and trading at $6.82, the stock has shown remarkable momentum with a 136.81% return over the past six months. InvestingPro analysis indicates the stock is slightly undervalued, with analyst targets ranging from $7 to $20.
Verastem’s financial results for the fourth quarter were recently reported, drawing attention to its progress and potential growth drivers. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 3.07 and holds more cash than debt on its balance sheet, though it’s currently burning through cash rapidly. BTIG analysts pointed out several upcoming catalysts for Verastem that could further enhance the company’s value. These include results from the RAMP 205 study on frontline metastatic pancreatic cancer, expected in mid-2025, and outcomes from the KRASG12D program for non-small cell lung cancer (NSCLC) and pancreatic cancer, anticipated in the first half of 2025.
The analysts also noted that Verastem is expected to provide an update from the RAMP 203 study, which is evaluating avutometinib in combination with defactinib and a KRASG12C inhibitor. The results of this study are slated to be presented at a medical meeting in the second half of 2025.
Verastem’s commitment to addressing critical needs in oncology, particularly in indications where treatment options are limited, has positioned the company favorably in the eyes of BTIG analysts. With multiple significant milestones on the horizon, the firm reaffirmed its positive outlook for Verastem’s stock by reiterating the $20 price target.
In other recent news, Verastem has made notable strides in its biopharmaceutical endeavors. The company recently announced that the U.S. Food and Drug Administration (FDA) accepted its New Drug Application for Avutometinib in combination with Defactinib, targeting Recurrent KRAS Mutant Low-Grade Serous Ovarian Cancer. This treatment is under priority review with a Prescription Drug User Fee Act (PDUFA) date set for June 30, 2025. Additionally, Verastem appointed Matthew E. Ros as Chief Operating Officer, bringing over 30 years of experience in the biotech sector, which is expected to bolster the company’s operational capabilities.
Verastem has also engaged in a partnership with IQVIA to support the commercial launch of its treatments for low-grade serous ovarian cancer. Analyst firms have shown confidence in Verastem, with BTIG raising its price target from $13.00 to $20.00 and maintaining a Buy rating, citing the potential market approval of its drug combination. Mizuho (NYSE:MFG) has reiterated an Outperform rating with a $9.00 target, suggesting a promising outlook for the company’s strategic priorities and financial restructuring efforts.
Furthermore, B.Riley reaffirmed a Buy rating with a $7.00 price target, highlighting positive data from a collaboration with GenFleet Therapeutics on a KRAS G12D inhibitor. The ongoing developments in Verastem’s clinical programs, including the upcoming U.S.-based Phase I study, continue to draw attention from investors and analysts alike. These recent advancements underscore the company’s potential growth trajectory in the oncology market.
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