Verastem: 2Q Earnings Snapshot
NEEDHAM, Mass. (AP) _ Verastem Inc. (VSTM) on Wednesday reported a loss of $18.4 million in its second quarter.
On a per-share basis, the Needham, Massachusetts-based company said it had a loss of 30 cents.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 35 cents per share.
The drug developer posted revenue of $10 million in the period.
Verastem shares have more than doubled since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $7.79, an increase of 99 percent in the last 12 months.