In a recent transaction on June 28, Justin Trojanowski, the Corporate Controller of Tempest Therapeutics, Inc. (NASDAQ:TPST), made a notable purchase of the company's common stock. The executive bought 7,500 shares at a price of $2.16 per share, totaling an investment of $16,200. This transaction was reported in a Form 4 filing with the Securities and Exchange Commission.
The acquisition of shares by Trojanowski has increased his direct ownership in the company to 22,168 shares, which includes 14,668 shares acquired under the issuer's stock purchase plan as noted in the filing's footnotes. This move by a corporate officer may be seen as a sign of confidence in the company's future prospects by investors who closely monitor insider transactions.
Tempest Therapeutics is a biotechnology company based in South San Francisco, California, that focuses on developing pharmaceutical preparations. With the latest insider purchase, stakeholders and potential investors in Tempest Therapeutics may find additional interest in the company's activities and strategic direction.
The transaction was officially signed off by Nicholas Maestas, Attorney-in-Fact, on July 2, as indicated in the Form 4 document. It is important for investors to consider such insider transactions within the broader context of the company's performance and market conditions.
In other recent news, Tempest Therapeutics is set to advance its cancer treatment candidate TPST-1120 to a pivotal Phase 3 trial in Hepatocellular Carcinoma (HCC). This decision comes on the heels of positive results observed in earlier phases of clinical trials, including data indicating clinical superiority of TPST-1120 in combination with other treatments over standard care for advanced HCC. The drug, an oral, selective PPARα antagonist, demonstrated clinical activity such as tumor shrinkage in various types of cancer.
The Phase 1 study treated 35 patients with escalating doses of TPST-1120, observing stable disease in 53% of evaluable patients. In combination therapy, objective response rates were 23% across all dose levels, suggesting a dose-responsive anti-cancer activity. Dr. Sam Whiting, Chief Medical Officer and Head of R&D at Tempest, noted the first evidence of anti-tumor activity across multiple cancer types.
These are recent developments and while they show promise, Tempest Therapeutics emphasizes that these forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. It is advised not to place undue reliance on these forward-looking statements.
InvestingPro Insights
In light of Justin Trojanowski's recent stock purchase, Tempest Therapeutics, Inc. (NASDAQ:TPST) investors may be curious about the company's financial health and market performance. According to real-time data from InvestingPro, Tempest Therapeutics holds a market capitalization of $46.77 million. The company's adjusted price-to-earnings (P/E) ratio stands at -1.58, reflecting its current earnings challenges. Moreover, the stock's performance over various timeframes shows a mixed picture, with a notable 68.5% return over the last year, yet a significant decline of 57.96% over the last three months.
Two critical InvestingPro Tips for Tempest Therapeutics highlight the company's current financial position. Firstly, the company holds more cash than debt on its balance sheet, which can be a reassuring sign for investors regarding the company's solvency. Secondly, the stock's Relative Strength Index (RSI) suggests it is in oversold territory, which could indicate a potential reversal or bounce back in the stock price. These insights can be particularly valuable for investors considering Tempest Therapeutics' shares. For those looking to delve deeper into the company's metrics, InvestingPro offers additional tips on its platform, which can be accessed at https://www.investing.com/pro/TPST.
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