B. Riley raised the firm’s price target on Verastem (VSTM) to $13 from $12 and keeps a Buy rating on the shares. Verastem announced accelerated FDA approval of the avutometinib and defactinib combination for KRAS-mutant recurrent low-grade serous ovarian cancer, the first approved therapy for this underserved population, the analyst tells investors in a research note. The firm notes that the approval arrived 53 days ahead of the June 30 PDUFA date, underscoring the strength of the clinical data and dismisses concerns over potential delays due to FDA resource constraints.
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