Tempest Therapeutics (NASDAQ:TPST) Given New $7.00 Price Target at Scotiabank

Tempest Therapeutics (NASDAQ:TPST) had its price objective reduced by Scotiabank from $13.00 to $7.00 in a report issued on Friday,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Separately, HC Wainwright dropped their target price on Tempest Therapeutics from $47.00 to $16.00 and set a “buy” rating on the stock in a report on Friday.

Tempest Therapeutics Trading Down 8.1 %

TPST opened at $0.77 on Friday. The company has a market cap of $33.70 million, a price-to-earnings ratio of -0.50 and a beta of -1.83. The company’s fifty day moving average price is $0.87 and its two-hundred day moving average price is $0.98. Tempest Therapeutics has a 1-year low of $0.70 and a 1-year high of $6.00.

Tempest Therapeutics (NASDAQ:TPST) last posted its earnings results on Thursday, March 27th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.07). The company had revenue of $0.49 million for the quarter. As a group, equities analysts forecast that Tempest Therapeutics will post -1.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. XTX Topco Ltd purchased a new stake in Tempest Therapeutics in the 3rd quarter valued at about $34,000. Geode Capital Management LLC grew its holdings in shares of Tempest Therapeutics by 42.7% in the third quarter. Geode Capital Management LLC now owns 220,067 shares of the company’s stock valued at $308,000 after acquiring an additional 65,826 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Tempest Therapeutics during the fourth quarter valued at approximately $36,000. Versant Venture Management LLC bought a new stake in Tempest Therapeutics during the fourth quarter worth $2,927,000. Finally, 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. 22.52% of the stock is owned by institutional investors.

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.