Zacks Investment Research Upgrades Tempest Therapeutics (NASDAQ:TPST) to Buy

Tempest Therapeutics (NASDAQ:TPSTGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, Zacks.com reports. The firm currently has a $4.50 price objective on the stock. Zacks Investment Research‘s target price suggests a potential upside of 16.58% from the company’s previous close.

According to Zacks, “Tempest Therapeutics Inc. is a clinical-stage oncology company developing potentially first-in-class therapeutics which combines both targeted and immune-mediated mechanisms. Tempest Therapeutics Inc., formerly known as Millendo Therapeutics Inc., is based in Calif. “

TPST has been the topic of a number of other reports. HC Wainwright cut their price target on Tempest Therapeutics from $51.00 to $35.00 in a research note on Friday, May 13th. Piper Sandler reduced their target price on shares of Tempest Therapeutics from $20.00 to $10.00 in a report on Friday, May 13th.

Shares of NASDAQ:TPST opened at $3.86 on Friday. The company has a current ratio of 3.01, a quick ratio of 3.44 and a debt-to-equity ratio of 0.52. Tempest Therapeutics has a 52-week low of $2.16 and a 52-week high of $41.00. The company has a fifty day moving average of $3.28 and a 200-day moving average of $4.79.

In other news, Director Thomas Woiwode bought 2,118,644 shares of the firm’s stock in a transaction on Friday, April 29th. The stock was acquired at an average price of $2.36 per share, with a total value of $4,999,999.84. Following the transaction, the director now owns 2,118,644 shares of the company’s stock, valued at approximately $4,999,999.84. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 3.30% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in Tempest Therapeutics by 1,581.2% during the third quarter. BlackRock Inc. now owns 82,698 shares of the company’s stock worth $1,196,000 after acquiring an additional 77,779 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Tempest Therapeutics by 47.9% during the 4th quarter. Renaissance Technologies LLC now owns 50,430 shares of the company’s stock worth $266,000 after purchasing an additional 16,326 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Tempest Therapeutics by 47.4% during the 4th quarter. Geode Capital Management LLC now owns 34,346 shares of the company’s stock worth $181,000 after purchasing an additional 11,045 shares in the last quarter. Millennium Management LLC acquired a new stake in shares of Tempest Therapeutics in the 3rd quarter valued at about $421,000. Finally, Franklin Resources Inc. bought a new stake in Tempest Therapeutics in the 3rd quarter valued at about $221,000. 34.92% of the stock is owned by institutional investors.

Tempest Therapeutics Company Profile (Get Rating)

Tempest Therapeutics Inc, a clinical-stage oncology company, engages in developing small molecule therapeutics to treat cancer. The company's two clinical programs are TPST-1495, a dual antagonist of EP2 and EP4, receptors of prostaglandin E2, and is currently in a Phase 1 trial in solid tumors; and TPST-1120, a selective antagonist of peroxisome proliferator-activated receptor alpha, and is in a Phase 1 trial in solid tumors.

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