Verastem price target lowered to $14 from $16 at Mizuho

Mizuho lowered the firm’s price target on Verastem (VSTM) to $14 from $16 primarily due to dilution from an April financing, while keeping an Outperform rating on the shares. The firm notes the company reported Q2 results last week, where key takeaways, in its view, were a revenue beat for recently launched Avmapki Fakzynja Co-pack/AFC; already, reimbursement for AFC use off-label in patients who are KRAS-wild-type; an October review for AFC’s potential inclusion in NCCN guidelines; and all other pipeline programs remaining on track.