NEEDHAM, Mass. (AP) _ Verastem Inc. (VSTM) on Tuesday reported a loss of $11.3 million in its fourth quarter.
On a per-share basis, the Needham, Massachusetts-based company said it had a loss of 37 cents.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 54 cents per share.
The drug developer posted revenue of $1.2 million in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $5.6 million.
For the year, the company reported that its loss widened to $72.4 million, or $1.37 per share. Revenue was reported as $26.7 million.
In the final minutes of trading on Tuesday, the company's shares hit $3.24. A year ago, they were trading at $3.55.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VSTM at https://www.zacks.com/ap/VSTM