Short Interest in Tempest Therapeutics, Inc. (NASDAQ:TPST) Drops By 19.5%

Tempest Therapeutics, Inc. (NASDAQ:TPST) was the target of a significant drop in short interest in the month of December. As of December 31st, there was short interest totalling 2,600,000 shares, a drop of 19.5% from the December 15th total of 3,230,000 shares. Based on an average trading volume of 3,870,000 shares, the short-interest ratio is currently 0.7 days. Approximately 6.6% of the shares of the company are sold short.

Tempest Therapeutics Price Performance

Shares of TPST opened at $0.90 on Friday. The business’s 50 day moving average is $0.90 and its 200 day moving average is $1.25. Tempest Therapeutics has a 12-month low of $0.70 and a 12-month high of $6.00.

Tempest Therapeutics (NASDAQ:TPST) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.04). As a group, sell-side analysts anticipate that Tempest Therapeutics will post -1.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TPST. Geode Capital Management LLC raised its position in Tempest Therapeutics by 42.7% during the third quarter. Geode Capital Management LLC now owns 220,067 shares of the company’s stock valued at $308,000 after purchasing an additional 65,826 shares during the period. Fullcircle Wealth LLC bought a new position in shares of Tempest Therapeutics during the 3rd quarter valued at approximately $87,000. Empower Advisory Group LLC purchased a new stake in Tempest Therapeutics during the 3rd quarter valued at $49,000. Dimensional Fund Advisors LP bought a new stake in Tempest Therapeutics in the second quarter worth $55,000. Finally, XTX Topco Ltd purchased a new position in Tempest Therapeutics during the third quarter worth $34,000. Institutional investors own 22.52% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Piper Sandler decreased their target price on 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 reaffirmed a “buy” rating and set a $47.00 price target on shares of Tempest Therapeutics in a report on Wednesday, November 13th. Finally, William Blair reiterated an “outperform” rating on shares of Tempest Therapeutics in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $20.00.

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.