Short Interest in Tempest Therapeutics, Inc. (NASDAQ:TPST) Decreases By 29.0%

Tempest Therapeutics, Inc. (NASDAQ:TPST) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 2,640,000 shares, a decline of 29.0% from the October 15th total of 3,720,000 shares. Based on an average trading volume of 4,830,000 shares, the days-to-cover ratio is currently 0.5 days. Approximately 11.8% of the company’s shares are sold short.

Tempest Therapeutics Stock Down 8.3 %

NASDAQ:TPST traded down $0.08 during trading hours on Friday, reaching $0.89. The company had a trading volume of 3,423,063 shares, compared to its average volume of 2,111,922. Tempest Therapeutics has a twelve month low of $0.83 and a twelve month high of $6.00. The firm has a market cap of $22.43 million, a price-to-earnings ratio of -0.58 and a beta of -1.78. The business’s 50-day simple moving average is $1.20 and its two-hundred day simple moving average is $1.95.

Institutional Trading of Tempest Therapeutics

Several large investors have recently made changes to their positions in the company. Virtu Financial LLC grew its position in Tempest Therapeutics by 69.2% in the 1st quarter. Virtu Financial LLC now owns 28,574 shares of the company’s stock valued at $112,000 after purchasing an additional 11,689 shares during the period. Dimensional Fund Advisors LP acquired a new position in shares of Tempest Therapeutics during the second quarter valued at about $55,000. Fullcircle Wealth LLC bought a new stake in shares of Tempest Therapeutics during the third quarter worth about $87,000. Empower Advisory Group LLC bought a new position in Tempest Therapeutics in the 3rd quarter valued at about $49,000. Finally, XTX Topco Ltd acquired a new position in Tempest Therapeutics during the 3rd quarter valued at about $34,000. 22.52% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TPST. Piper Sandler dropped their price target on shares of Tempest Therapeutics from $8.00 to $5.00 and set an “overweight” rating on the stock in a research report on Wednesday. William Blair restated an “outperform” rating on shares of Tempest Therapeutics in a report on Wednesday. Finally, HC Wainwright reissued a “buy” rating and issued a $47.00 price objective on shares of Tempest Therapeutics in a research note on Wednesday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $20.00.

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.