RBC Capital reiterates Outperform after Verastem formalizes key 2025 priorities

RBC Capital notes that Verastem (VSTM) has formalized its key strategic priorities and catalysts for 2025, which largely align with the firm’s recent one-on-one conversation with management. The highlights are square on the upcoming NDA decision for avuto’ plus defactinib inKRAS mutant low-grade serous ovarian and potential launch in mid-2025 – the pivotal valuation inflection point for 2025, in RBC’s view. Other milestones were also largely consistent with clinical update from RAMP 205 in Q1 2025, interim data from RAMP 203 in the second half of 2025, and initial clinical data for VS-7375 in the first half of 2025, which the firm sees as a nice broader catalyst setup for shares. While largely consistent with strategic priority guidance on pipeline advancement, RBC believes the news flow is worth flagging and, as a now emerging, multi-factorial, and catalyst-rich story, it reiterates an Outperform rating on the shares with a price target of $16.