Tempest Therapeutics (NASDAQ:TPST) Shares Down 5.5% – Here’s What Happened

Tempest Therapeutics, Inc. (NASDAQ:TPST)’s share price fell 5.5% during mid-day trading on Monday . The stock traded as low as $0.77 and last traded at $0.79. 408,072 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 2,108,459 shares. The stock had previously closed at $0.84.

Wall Street Analyst Weigh In

TPST has been the topic of several analyst reports. Piper Sandler lowered their price target 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. HC Wainwright restated a “buy” rating and set a $47.00 target price on shares of Tempest Therapeutics in a research note on Wednesday, November 13th. Finally, William Blair reiterated an “outperform” rating on shares of Tempest Therapeutics in a research note on Wednesday, November 13th.

Tempest Therapeutics Trading Down 5.5 %

The company has a 50 day simple moving average of $0.89 and a two-hundred day simple moving average of $1.02. The firm has a market capitalization of $34.48 million, a P/E ratio of -0.52 and a beta of -1.83.

Hedge Funds Weigh In On Tempest Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Versant Venture Management LLC purchased a new stake in Tempest Therapeutics in the 4th quarter worth $2,927,000. Jane Street Group LLC purchased a new stake in shares of Tempest Therapeutics in the fourth quarter worth about $411,000. Geode Capital Management LLC lifted its position in shares of 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 buying an additional 134,209 shares in the last quarter. Millennium Management LLC bought a new position in Tempest Therapeutics during the fourth quarter valued at approximately $158,000. Finally, XTX Topco Ltd grew its holdings in Tempest Therapeutics by 570.3% during the 4th quarter. XTX Topco Ltd now owns 160,807 shares of the company’s stock valued at $134,000 after buying an additional 136,818 shares in the last quarter. 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.