Scotiabank Has Lowered Expectations for Tempest Therapeutics (NASDAQ:TPST) Stock Price

Tempest Therapeutics (NASDAQ:TPST) had its price target lowered by investment analysts at Scotiabank from $13.00 to $7.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock.

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

Tempest Therapeutics Stock Performance

NASDAQ:TPST opened at $0.77 on Friday. The stock’s fifty day moving average price is $0.87 and its two-hundred day moving average price is $0.98. The company has a market cap of $33.70 million, a price-to-earnings ratio of -0.50 and a beta of -1.83. Tempest Therapeutics has a 52-week low of $0.70 and a 52-week high of $6.00.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC raised its holdings in Tempest Therapeutics by 42.7% in the third quarter. Geode Capital Management LLC now owns 220,067 shares of the company’s stock worth $308,000 after purchasing an additional 65,826 shares during the period. XTX Topco Ltd bought a new stake in shares of Tempest Therapeutics in the 3rd quarter valued at $34,000. Versant Venture Management LLC acquired a new stake in Tempest Therapeutics during the 4th quarter worth $2,927,000. Millennium Management LLC acquired a new stake in Tempest Therapeutics during the 4th quarter worth $158,000. Finally, Northern Trust Corp lifted its holdings in Tempest Therapeutics by 233.2% during the fourth quarter. Northern Trust Corp now owns 67,815 shares of the company’s stock worth $57,000 after acquiring an additional 47,461 shares in the last quarter. Institutional investors and hedge funds own 22.52% of the company’s stock.

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.