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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on VSTM:
- Verastem’s Market Potential Boosted by Accelerated Approval of AVMAPKI FAKZYNJA for KRAS Mutant LGSOC
- Verastem price target raised to $16 from $14 at RBC Capital
- Verastem price target raised to $14 from $10 at H.C. Wainwright
- Verastem Gains FDA Approval for New Cancer Treatment
- Verastem’s Breakthrough FDA Approval and Market Potential for KRAS Mutant LGSOC Therapy