Verastem (NASDAQ:VSTM) reported a drop of 9.3% or 170,747 shares in its short interest. The short figure came in at 5.4% of the total floats. The average daily volume of 264,260 shares suggests that the days to cover 1,659,472 short positions, as on June 15,2016, will be 6. On May 31,2016, the short interest was 1,830,219 shares. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 24th after market close.
Verastem (NASDAQ:VSTM): The stock opened at $1.26 on Friday but the bulls could not build on the opening and the stock topped out at $1.37 for the day. The stock traded down to $1.25 during the day, due to lack of any buying support eventually closed down at $1.31 with a loss of -2.24% for the day. The stock had closed at $1.34 on the previous day. The total traded volume was 3,103,039 shares.
The company shares have dropped -80.90% from its 1 Year high price. On Aug 12, 2015, the shares registered one year high at $8.07 and the one year low was seen on Mar 1, 2016. The 50-Day Moving Average price is $1.44 and the 200 Day Moving Average price is recorded at $1.47.
Verastem (NASDAQ:VSTM) has tumbled 5.07% during the past week and has dropped 12.08% in the last 4 week period. The stocks are negative as compared to the S&P 500 for the past week with a loss of 3.5%. Verastem (NASDAQ:VSTM) has underperformed the index by 9.42% in the last 4 weeks. Investors should watch out for further signals and trade with caution.
Verastem, Inc. is a biopharmaceutical company. The Company is focused on discovering and developing drugs to treat cancer by the targeted killing of cancer stem cells. The Companys programs target the Focal Adhesion Kinase (FAK) and the PI3K/mTOR signaling pathways. The Company has technology to create a stable population of cancer stem cells that it uses to screen for and identify small molecule compounds that target cancer stem cells. The Companys solution includes the discovery and development of oncology therapeutics targeting cancer stem cells (CSCs). The Company is engaged in running clinical trials in cancers where CSCs were implicated in disease progression, including mesothelioma, ovarian, non-small cell lung and other cancers, such as breast cancer. The Companys candidates include its FAK inhibitors, VS-6063 and VS-4718, and VS-5584, its dual mTORC1/2 and PI3K inhibitor.