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

Tempest Therapeutics, Inc. (NASDAQ:TPST) saw a significant decline in short interest during 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. Approximately 11.8% of the company’s shares are short sold. Based on an average daily volume of 4,830,000 shares, the days-to-cover ratio is currently 0.5 days.

Institutional Investors Weigh In On Tempest Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. XTX Topco Ltd bought a new position in shares of Tempest Therapeutics during the 3rd quarter worth approximately $34,000. Dimensional Fund Advisors LP acquired a new stake in Tempest Therapeutics in the second quarter worth $55,000. Virtu Financial LLC increased its stake in 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 purchasing an additional 11,689 shares in the last quarter. Empower Advisory Group LLC acquired a new position in shares of Tempest Therapeutics during the third quarter valued at about $49,000. Finally, Fullcircle Wealth LLC acquired a new position in shares of Tempest Therapeutics during the third quarter valued at about $87,000. 22.52% of the stock is currently owned by institutional investors.

Tempest Therapeutics Trading Down 8.3 %

TPST stock opened at $0.89 on Friday. The firm has a market cap of $22.43 million, a PE ratio of -0.58 and a beta of -1.78. The stock has a 50-day moving average price of $1.20 and a 200-day moving average price of $1.95. Tempest Therapeutics has a 1-year low of $0.83 and a 1-year high of $6.00.

Analyst Ratings Changes

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