Wall Street Warms Up to Tempest as TPST Stock Surges 3900%

$Tempest Therapeutics (TPST.US)$ This morning, the cancer therapies company reported positive results for its TPST-1120 drug candidate in its randomized Phase 1b/2 clinical study. Tempest also announced that its board of directors had adopted a limited-duration stockholder rights plan, which is effective immediately. The plan seeks to protect shareholders from an unwanted takeover. It is also known as a poison pill plan.

TPST Stock: Tempest Reports Positive Results, Stockholder Rights Plan
Tempest disclosed that new data showed that its TPST-1120 drug performed better in combination with cancer drugs Avastin and Tecentriq, which are owned by $ROCHE HOLDING AG (RHHBY.US)$ , in comparison with just the two drugs alone. The TPST-1120 triplet arm showed a confirmed objective response rate (cORR) of 30%, compared with a cORR of 13.3% for the Avastin/Tecentriq control arm.
Meanwhile, Tempest’s new stockholder rights plan provides each outstanding share with a dividend of one right. Each right can only be exercised in the event of a person or group acquiring a 10% or more stake of the company through a tender or exchange offer.