Tempest Therapeutics, Inc. (NASDAQ:TPST) Sees Significant Decline in Short Interest

Tempest Therapeutics, Inc. (NASDAQ:TPST) was the target of a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 2,100,000 shares, a drop of 20.5% from the October 31st total of 2,640,000 shares. Approximately 5.7% of the company’s shares are short sold. Based on an average daily volume of 3,250,000 shares, the days-to-cover ratio is currently 0.6 days.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TPST. Virtu Financial LLC grew its stake in shares of Tempest Therapeutics by 69.2% in the first quarter. Virtu Financial LLC now owns 28,574 shares of the company’s stock valued at $112,000 after buying an additional 11,689 shares in the last quarter. XTX Topco Ltd purchased a new position in Tempest Therapeutics in the 3rd quarter worth approximately $34,000. Dimensional Fund Advisors LP acquired a new stake in Tempest Therapeutics in the second quarter valued at approximately $55,000. Empower Advisory Group LLC purchased a new stake in shares of Tempest Therapeutics during the third quarter valued at approximately $49,000. Finally, Fullcircle Wealth LLC acquired a new position in shares of Tempest Therapeutics during the third quarter worth $87,000. 22.52% of the stock is owned by hedge funds and other institutional investors.

Tempest Therapeutics Stock Performance

Shares of NASDAQ:TPST traded down $0.01 during trading on Friday, reaching $0.95. 753,460 shares of the stock were exchanged, compared to its average volume of 2,080,699. The firm’s 50-day moving average price is $1.10 and its 200 day moving average price is $1.75. The firm has a market cap of $41.46 million, a price-to-earnings ratio of -0.62 and a beta of -1.78. Tempest Therapeutics has a 12-month low of $0.80 and a 12-month high of $6.00.

Tempest Therapeutics (NASDAQ:TPST) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.04). As a group, equities research analysts forecast that Tempest Therapeutics will post -1.39 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on the company. HC Wainwright reiterated a “buy” rating and issued a $47.00 target price on shares of Tempest Therapeutics in a research note on Wednesday, November 13th. Piper Sandler cut their price objective on shares of Tempest Therapeutics from $8.00 to $5.00 and set an “overweight” rating on the stock in a report on Wednesday, November 13th. Finally, William Blair restated an “outperform” rating on shares of Tempest Therapeutics in a report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Tempest Therapeutics presently has a consensus rating of “Buy” and a consensus price target 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.