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

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

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

Tempest Therapeutics Stock Down 8.1 %

Shares of NASDAQ:TPST opened at $0.77 on Friday. The business’s 50 day moving average is $0.87 and its 200 day 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 cap of $33.70 million, a price-to-earnings ratio of -0.50 and a beta of -1.83.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. XTX Topco Ltd purchased a new stake in shares of Tempest Therapeutics during the 3rd quarter valued at $34,000. Virtu Financial LLC bought a new position in Tempest Therapeutics during the fourth quarter valued at about $36,000. Northern Trust Corp increased its holdings in 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 buying an additional 47,461 shares during the last quarter. Millennium Management LLC purchased a new stake in Tempest Therapeutics during the fourth quarter worth about $158,000. Finally, Geode Capital Management LLC raised its position in Tempest Therapeutics by 61.0% in the fourth quarter. Geode Capital Management LLC now owns 354,276 shares of the company’s stock worth $296,000 after acquiring an additional 134,209 shares during the period. Hedge funds and other institutional investors own 22.52% of the company’s stock.

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.