Scotiabank Cuts Tempest Therapeutics (NASDAQ:TPST) Price Target to $7.00

Tempest Therapeutics (NASDAQ:TPST) had its price target lowered by Scotiabank from $13.00 to $7.00 in a research report released on Friday,Benzinga reports. The firm currently has a sector outperform rating on the stock.

Separately, HC Wainwright cut their price target on Tempest Therapeutics from $47.00 to $16.00 and set a “buy” rating on the stock in a report on Friday.

Tempest Therapeutics Trading Down 8.1 %

Shares of TPST opened at $0.77 on Friday. The firm’s fifty day simple moving average is $0.87 and its two-hundred day simple moving average is $0.97. Tempest Therapeutics has a 12 month low of $0.70 and a 12 month high of $6.00. The stock has a market capitalization of $33.70 million, a P/E ratio of -0.50 and a beta of -1.83.

Tempest Therapeutics (NASDAQ:TPST) last announced 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 company had revenue of $0.49 million during the quarter. As a group, research analysts predict that Tempest Therapeutics will post -1.39 EPS for the current fiscal year.

Institutional Trading of Tempest Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TPST. XTX Topco Ltd bought a new position in Tempest Therapeutics in the third quarter worth approximately $34,000. Virtu Financial LLC acquired a new position in shares of Tempest Therapeutics during the fourth quarter worth approximately $36,000. Northern Trust Corp raised its position in shares of Tempest Therapeutics by 233.2% during the fourth quarter. Northern Trust Corp now owns 67,815 shares of the company’s stock worth $57,000 after purchasing an additional 47,461 shares during the period. Millennium Management LLC bought a new position in shares of Tempest Therapeutics in the 4th quarter worth $158,000. Finally, Geode Capital Management LLC grew its position in Tempest Therapeutics by 61.0% in the 4th quarter. Geode Capital Management LLC now owns 354,276 shares of the company’s stock valued at $296,000 after purchasing an additional 134,209 shares during the period. 22.52% of the stock is owned by institutional investors.

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.