VSTM Verastem Inc has created a bullish break in the weekly time frame

VSTM Verastem Inc (NASDAQ: VSTM ) stock price has created a strong bullish break in the weekly time frame. The break comes in line with the recent announcement on Wednesday the 6th 09/17 relating to their progressing treatment for Leukemia which sky rocked the stock 44% higher. Wednesday’s catalyst for the rally is the positive top-line data from the Pivot Phase 3 DUO study for the treatment of certain types of Leukemia and Lymphoma.

According to reteurs.com

Verastem said its drug, Duvelisib, reduced the risk of disease progression or death in patients by 48 percent when compared with the current standard of care, Novartis’s Arzerra.

The oral drug was tested in 319 patients suffering from chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL), who did not respond to initial treatment or whose cancer had relapsed. CLL and SLL affect cells in the immune system, causing them to grow and multiply uncontrollably. There will be about 62,000 new cases of leukemia in the United States this year; of which CLL will account for about a quarter, according to the American Cancer Society. Verastem said it would file for a marketing application for duvelisib in the first half of 2018. The study results were “squarely positive,” and suggested a commercial opportunity that was not fully reflected in Verastem’s stock price, Cantor Fitzgerald analyst Mara Goldstein said in a client note.

Before we get into more details about the Stock, few words about the company.

According to the company’s official website www.verastem.com, Verastem Inc. is a clinical stage biopharmaceutical company focused on discovering and developing drugs which improve patients with cancer. Verastem’s product candidates seek to treat cancer by targeting malignant cells both directly and through modulation of the tumor microenvironment. Our most advanced programs target the phosphoinositide-3-kinase (PI3K) and Focal Adhesion Kinase (FAK) pathways.