After Verastem reported that 24% of the KRAS-mutated NSCLC patients in a study of its FAK inhibitor defactinib had experienced serious adverse events, JMP Securities notes that it did not ascribe any valuation for the drug as a treatment for this indication. Moreover, the firm does not believe that the study affects the outlook for the drug in other settings, and it says that, given the patients' late stage status, deaths among the participants "would not be seen as an anamoly." JMP adds that the drug met its primary endpoint in the study. JMP reiterates a $23 price target and Outperform rating on the shares.

Verastem Oncology "announced the appointment of John Hayslip, M.D., an accomplished oncologist with deep clinical research, development, and commercialization experience, to chief medical officer where he will lead the Company's clinical and medical strategy. Dr. Hayslip succeeds Louis J. Denis, M.D., who recently departed the company. Dr. Hayslip has more than 25 years of oncology and research and development experience across industry and academia, most recently serving as the chief medical officer at I-MAB Biopharma. "