Oncology company adopted poison pill to address ‘dislocation’ in its stock price
Shares of Tempest Therapeutics Inc. TPST, -8.54% fell more than 8% Friday to conclude a dramatic week in which the stock clocked a one-day gain of nearly 4,000%.
The action started on Wednesday, when the oncology company released results for its lead investigational treatment, TPST-1120, in patients with liver cancer and announced a limited-duration stockholder-rights plan, known as a poison pill. The shares retreated the next day, dropping nearly 60%. After the wild ride, Tempest shares were still up 1,347% for the week and have gained 216% in the year to date, while the S&P 500 SPX is up 12.7%.
“Unfortunately, Tempest, like many other biotechnology companies, continues to experience a significant and ongoing dislocation in the trading price of its common stock,” Tempest president and CEO Stephen Brady said in a statement Wednesday regarding the stockholder-rights plan.
For its second quarter, which ended June 30, Tempest reported a net loss of $7.58 million, or 54 cents per share, compared with a loss of $9.17 million, or 79 cents per share, in the year-earlier period. Analysts expect the company to deliver a full-year loss of $2.05 per share, according to FactSet.
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