BUZZ-Verastem jumps as FDA grants priority review for ovarian cancer combo therapy
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Verastem's shares surged 45.7% to $5.35 premarket after the FDA granted Priority Review for its ovarian cancer therapy, avutometinib combined with defactinib. This designation aims for a decision within 6 months, with a target date of June 30, 2025. Analysts at BTIG estimate a $1.7 billion market for the treatment, raising its success probability from 65% to 80% and price target from $13 to $20. B. Riley Securities considers Verastem fundamentally undervalued, despite a 55% year-to-date decline in stock value.
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