Scotiabank Issues Pessimistic Forecast for Tempest Therapeutics (NASDAQ:TPST) Stock Price

Tempest Therapeutics (NASDAQ:TPST) had its price target dropped by equities research analysts at Scotiabank from $13.00 to $7.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock.

Separately, HC Wainwright decreased their price objective 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 5.0 %

Shares of NASDAQ TPST traded down $0.04 during midday trading on Friday, reaching $0.80. 242,256 shares of the stock were exchanged, compared to its average volume of 2,092,047. The firm has a market cap of $34.83 million, a price-to-earnings ratio of -0.52 and a beta of -1.83. The firm has a 50-day simple moving average of $0.87 and a two-hundred day simple moving average of $0.98. Tempest Therapeutics has a twelve month low of $0.70 and a twelve month high of $6.00.

Institutional Investors Weigh In On Tempest Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Versant Venture Management LLC acquired a new position in shares of Tempest Therapeutics in the 4th quarter valued at $2,927,000. Jane Street Group LLC acquired a new position in Tempest Therapeutics in the 4th quarter valued at about $411,000. Millennium Management LLC purchased a new stake in Tempest Therapeutics during the 4th quarter valued at approximately $158,000. XTX Topco Ltd lifted its position in Tempest Therapeutics by 570.3% during the 4th quarter. XTX Topco Ltd now owns 160,807 shares of the company’s stock worth $134,000 after acquiring an additional 136,818 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of 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 last quarter. 22.52% of the stock is owned by hedge funds and other institutional investors.

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.