Analyst Graig Suvannavejh from Mizuho Securities reiterated a Buy rating on Verastem and keeping the price target at $15.00.
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Graig Suvannavejh has given his Buy rating due to a combination of factors including Verastem’s impressive financial performance and strategic developments. The company reported first full quarterly sales of its lead asset, Avmapki Fakzynja/AF Co-Pack, at $11.2 million, significantly surpassing both Mizuho and Bloomberg’s consensus estimates. This strong revenue performance indicates robust market acceptance and potential for future growth.
Despite the need to add additional patients to the confirmatory P3 RAMP 301 study and uncertainty regarding the timing of Avmapki Fakzynja’s inclusion in updated NCCN treatment guidelines, Suvannavejh views these concerns as overblown. The adjustments to the study do not affect the timeline for data readout, and current reimbursement processes are proceeding smoothly. Consequently, the current stock weakness presents a buying opportunity, leading to the reiteration of the Buy rating.
In another report released on October 21, H.C. Wainwright also reiterated a Buy rating on the stock with a $14.00 price target.