Short Interest in Tempest Therapeutics, Inc. (NASDAQ:TPST) Declines By 17.8%

Tempest Therapeutics, Inc. (NASDAQ:TPST) was the recipient of a significant decline in short interest in the month of March. As of March 15th, there was short interest totalling 1,750,000 shares, a decline of 17.8% from the February 28th total of 2,130,000 shares. Based on an average daily volume of 1,030,000 shares, the days-to-cover ratio is currently 1.7 days. Currently, 4.4% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Scotiabank dropped their target price on shares of Tempest Therapeutics from $13.00 to $7.00 and set a “sector outperform” rating on the stock in a report on Friday, March 28th. HC Wainwright cut their target price on shares of Tempest Therapeutics from $47.00 to $16.00 and set a “buy” rating on the stock in a report on Friday, March 28th.

Institutional Trading of Tempest Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC bought a new stake in shares of Tempest Therapeutics during the fourth quarter valued at about $158,000. Jane Street Group LLC bought a new stake in shares of Tempest Therapeutics during the 4th quarter worth about $411,000. Northern Trust Corp lifted its stake in shares of Tempest Therapeutics by 233.2% in the 4th quarter. Northern Trust Corp now owns 67,815 shares of the company’s stock worth $57,000 after acquiring an additional 47,461 shares during the period. XTX Topco Ltd boosted its holdings in shares of Tempest Therapeutics by 570.3% in the fourth quarter. XTX Topco Ltd now owns 160,807 shares of the company’s stock valued at $134,000 after acquiring an additional 136,818 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Tempest Therapeutics by 61.0% during the fourth quarter. Geode Capital Management LLC now owns 354,276 shares of the company’s stock valued at $296,000 after acquiring an additional 134,209 shares during the period. Institutional investors own 22.52% of the company’s stock.

Tempest Therapeutics Stock Performance

Shares of TPST traded up $0.02 during midday trading on Wednesday, hitting $0.73. 305,969 shares of the stock traded hands, compared to its average volume of 2,026,054. Tempest Therapeutics has a 1-year low of $0.70 and a 1-year high of $6.00. The business’s 50 day moving average price is $0.86 and its two-hundred day moving average price is $0.97. The firm has a market capitalization of $31.99 million, a PE ratio of -0.48 and a beta of -1.83.

Tempest Therapeutics (NASDAQ:TPST) last posted its earnings results on Thursday, March 27th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.07). The business had revenue of $0.49 million for the quarter. As a group, equities research analysts forecast that Tempest Therapeutics will post -1.39 EPS for the current fiscal year.

About Tempest Therapeutics

Tempest Therapeutics, Inc, a clinical-stage oncology company, develops small molecule therapeutics that combine both tumor-targeted and immune-mediated mechanisms to treat various tumors. The company's two clinical programs are TPST-1495, a dual antagonist of EP2 and EP4, receptors of prostaglandin E2, which is in a Phase 1 trial to treat cancer; and TPST-1120, a selective antagonist of peroxisome proliferator-activated receptor alpha that is in a Phase 1 trial for the treatment of solid tumors.