Short Interest in Tempest Therapeutics, Inc. (NASDAQ:TPST) Declines By 17.8%

Tempest Therapeutics, Inc. (NASDAQ:TPST) was the target of a significant decrease in short interest in March. As of March 15th, there was short interest totalling 1,750,000 shares, a decrease of 17.8% from the February 28th total of 2,130,000 shares. Approximately 4.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,030,000 shares, the days-to-cover ratio is presently 1.7 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. XTX Topco Ltd acquired a new stake in shares of Tempest Therapeutics in the 3rd quarter valued at approximately $34,000. Virtu Financial LLC bought a new position in Tempest Therapeutics in the 4th quarter valued at approximately $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 valued at $57,000 after buying an additional 47,461 shares in the last quarter. Millennium Management LLC bought a new stake in shares of Tempest Therapeutics during the fourth quarter worth $158,000. Finally, Geode Capital Management LLC increased its holdings in shares of Tempest Therapeutics by 42.7% during the third quarter. Geode Capital Management LLC now owns 220,067 shares of the company’s stock worth $308,000 after buying an additional 65,826 shares in the last quarter. Institutional investors own 22.52% of the company’s stock.

Tempest Therapeutics Price Performance

Shares of TPST opened at $0.76 on Thursday. The firm has a 50 day simple moving average of $0.86 and a two-hundred day simple moving average of $0.96. Tempest Therapeutics has a one year low of $0.70 and a one year high of $5.33. The company has a market cap of $34.56 million, a P/E ratio of -0.50 and a beta of -2.33.

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

Analysts Set New Price Targets

Several equities analysts have weighed in on TPST shares. HC Wainwright dropped their price objective on Tempest Therapeutics from $47.00 to $16.00 and set a “buy” rating for the company in a report on Friday, March 28th. Scotiabank cut their price objective on shares of Tempest Therapeutics from $13.00 to $7.00 and set a “sector outperform” rating for the company in a research report on Friday, March 28th.

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.