24/7 Market News Snapshot 30 December, 2024 – Verastem, Inc. (NASDAQ:VSTM)

December 30, 2024

DENVER, Colo., 30 December, 2024 (247marketnews.com) – (NASDAQ:VSTM) are discussed in this article.
Verastem, Inc. has experienced a remarkable surge in its stock performance, opening the trading session at $3.62 and soaring by 21.4% to reach a current trading price of $4.50. This increase signifies robust market confidence, as reflected in the elevated trading volume of 2.59 million shares. As the biotech firm advances, analysts remain optimistic about the potential for further upward momentum in the coming sessions.

Concurrently, Verastem Oncology has made significant strides in the realm of oncology treatment. The U.S. Food and Drug Administration (FDA) has accepted the New Drug Application (NDA) for its investigational combination therapy of avutometinib and defactinib aimed at adult patients with recurrent low-grade serous ovarian cancer (LGSOC) harboring KRAS mutations. This therapy, which is under Priority Review status, addresses a critical need in a patient demographic that has limited treatment options.

The Prescription Drug User Fee Act (PDUFA) action date is anticipated for June 30, 2025. This development marks a potential watershed moment in tackling an unmet medical need that has long persisted within the oncology field. Dan Paterson, CEO of Verastem Oncology, expressed enthusiasm regarding the NDA acceptance, emphasizing the potential of the combination therapy to become the first FDA-approved treatment for patients with recurrent KRAS mutant LGSOC.

Supported by compelling findings from the Phase 2 RAMP 201 clinical trial, which showed substantial overall response rates and durable results, the company is poised to maintain momentum in their research initiatives. Verastem’s commitment to advancing innovative cancer therapies continues as they collaborate with the FDA throughout the review process, preparing for a potential launch in mid-2025.

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