Verastem ending RAMP 203 study doesn’t impact thesis, says Guggenheim

After Verastem (VSTM) announced it will discontinue development of avutometinib/defactinib plus Amgen’s (AMGN) sotorasib for KRAS G12C mutant NSCLC and end the RAMP 203 study, Guggenheim analyst Michael Schmidt tells investors that the firm is “not surprised by the announcement” given the RAMP 203 study and the KRAS G12Ci combo opportunity has not been a major investor focus or meaningful component of the stock’s valuation. The firm maintains a Buy rating and $14 price target on Verastem shares.