Verastem price target raised to $20 from $13 at BTIG

BTIG raised the firm’s price target on Verastem (VSTM) to $20 from $13 and keeps a Buy rating on the shares after the company announced the FDA accepted its new drug application filing for avutometinib in combination with defactinib for the treatment of adult patients with recurrent low-grade serous ovarian cancer who received at least one prior systemic therapy and have a KRAS mutation under priority review with an FDA action date set for June 30, 2025. The firm e expects FDA approval for the combination by mid-2025, marking the first FDA approved treatment option for women with KRAS mutant low-grade serous ovarian cancer. With FDA acceptance of the application under priority review, and its increased confidence following a recent key opinion leader call, BTIG increased its modeled probability of success from 65% to 80% for avutometinib.