Tempest Therapeutics price target lowered to $7 from $13 at Scotiabank

Scotiabank analyst George Farmer lowered the firm’s price target on Tempest Therapeutics (TPST) to $7 from $13 and keeps an Outperform rating on the shares. No significant updates have been reported since the company received an FDA green-light to evaluate PPARa antagonist, the analyst tells investors. Given the company’s constrained financial resources, further progress on this clinical program appears to be on hold, the firm adds. The company’s rating on the stock reflects the “extremely attractive risk/reward opportunity” once the trial begins, the firm concludes.