Verastem initiated with a Buy at BTIG
BTIG analyst Robert Hazlett initiated Verastem with a Buy rating and a price target of $17. The analyst cites the potential of the company's pipeline - namely the "late-stage, first-in-class molecule Duvelisib that selectively targets the delta and gamma phosphoinositide 3-kinase isoforms, central signaling pathways in cancer cell proliferation and survival". Hazlett adds that its " successful Phase 3 DUO trial in relapsed/refractory chronic lymphocytic leukemia, combined with solid data from the Phase 2 DYNAMO study in refractory follicular lymphoma, have led to Duvelisib receiving a Priority Review from FDA" with an upcoming Oct 5th PDUFA, as well as a licensing deal. The analyst models potential U.S. peak revenue over $500M and international revenue over $350M in Duvelisib's initial indications.