Verastem price target raised to $34 from $3 at Cantor Fitzgerald

Cantor Fitzgerald analyst Pete Stavropoulos raised the firm’s price target on Verastem to $34 from $3 and keeps an Overweight rating on the shares. The price target change is the result of updates to the firm’s model, which include incorporating the change in shares outstanding as a result of the 1-for-12 reverse stock split of its issued and outstanding common stock, incorporating the new common stock/pre-funded warrants following an equity raise, and decreasing the discount rate to 16% from 18%, the analyst tells investors in a research note.