Verastem price target raised to $16 from $14 at RBC Capital

RBC Capital analyst Gregory Renza raised the firm’s price target on Verastem (VSTM) to $16 from $14 and keeps an Outperform rating on the shares. The approval of Avmapki Fakzynja Co-Pack has transformed Verastem into a commercial-stage company with the first FDA-approved drug in LGSOC, low-grade serous ovarian cancer, and the launch blueprint with key strategic imperatives and a pricing model are well-thought-out and supported by reasonable analogs, the analyst tells investors in a research note.