Tempest Therapeutics, Inc. (NASDAQ:TPST) Sees Large Drop in Short Interest

Tempest Therapeutics, Inc. (NASDAQ:TPST) was the target of a significant drop in short interest in January. As of January 31st, there was short interest totalling 2,600,000 shares, a drop of 16.9% from the January 15th total of 3,130,000 shares. Currently, 6.6% of the shares of the stock are sold short. Based on an average daily volume of 1,560,000 shares, the short-interest ratio is presently 1.7 days.

Hedge Funds Weigh In On Tempest Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. XTX Topco Ltd bought a new stake in Tempest Therapeutics in the 3rd quarter valued at $34,000. Empower Advisory Group LLC bought a new stake in Tempest Therapeutics in the 3rd quarter valued at $49,000. Virtu Financial LLC bought a new stake in Tempest Therapeutics in the 4th quarter valued at $36,000. Northern Trust Corp lifted its position in Tempest Therapeutics by 233.2% in the 4th quarter. Northern Trust Corp now owns 67,815 shares of the company’s stock valued at $57,000 after acquiring an additional 47,461 shares in the last quarter. Finally, Fullcircle Wealth LLC bought a new stake in Tempest Therapeutics in the 3rd quarter valued at $87,000. 22.52% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TPST has been the subject of a number of research reports. HC Wainwright reissued a “buy” rating and issued a $47.00 price target on shares of Tempest Therapeutics in a report on Wednesday, November 13th. Piper Sandler lowered their price target on shares of Tempest Therapeutics from $8.00 to $5.00 and set an “overweight” rating for the company in a report on Wednesday, November 13th. Finally, William Blair reissued an “outperform” rating on shares of Tempest Therapeutics in a report on Wednesday, November 13th.

Tempest Therapeutics Stock Down 0.2 %

Shares of TPST stock opened at $0.93 on Friday. Tempest Therapeutics has a 52-week low of $0.70 and a 52-week high of $6.00. The firm’s 50 day moving average price is $0.88 and its two-hundred day moving average price is $1.10.

Tempest Therapeutics (NASDAQ:TPST) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.04). As a group, sell-side analysts expect that Tempest Therapeutics will post -1.39 earnings per share for the current fiscal year.

Tempest Therapeutics Company Profile

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.