HC Wainwright Cuts Tempest Therapeutics (NASDAQ:TPST) Price Target to $16.00

Tempest Therapeutics (NASDAQ:TPST) had its target price lowered by equities researchers at HC Wainwright from $47.00 to $16.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock.

Tempest Therapeutics Price Performance

TPST stock opened at $0.84 on Friday. The stock has a market capitalization of $36.66 million, a P/E ratio of -0.55 and a beta of -1.83. Tempest Therapeutics has a 1-year low of $0.70 and a 1-year high of $6.00. The business has a fifty day moving average price of $0.87 and a 200-day moving average price of $0.98.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd purchased a new stake in Tempest Therapeutics during the 3rd quarter valued at $34,000. Virtu Financial LLC purchased a new stake in Tempest Therapeutics during the fourth quarter valued at $36,000. Northern Trust Corp boosted its position in Tempest Therapeutics by 233.2% in 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 last quarter. Millennium Management LLC purchased a new position in Tempest Therapeutics in the fourth quarter worth about $158,000. Finally, Geode Capital Management LLC increased its position in shares of Tempest Therapeutics by 42.7% during the 3rd quarter. Geode Capital Management LLC now owns 220,067 shares of the company’s stock valued at $308,000 after purchasing an additional 65,826 shares during the last quarter. Institutional investors own 22.52% of the company’s stock.

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.