Tempest Therapeutics shares surge 17.24% after hours as H.C. Wainwright upgrades to Buy, citing strategic pivot to CAR-T therapy and $11 price target.

Tempest Therapeutics surged 17.24% in after-hours trading following an upgrade from H.C. Wainwright, which raised its rating to Buy from Neutral with a $11.00 price target. The analyst highlighted the company’s strategic pivot in November 2025, involving the acquisition of four dual-targeting CAR-T programs from Factor Bioscience and Erigen LLC in an all-stock deal. This move extended Tempest’s cash runway to mid-2027, providing 18 months to advance its lead program, TPST-2003, through initial clinical milestones. The upgrade also cited the appointment of Dr. Matt Angel, Factor’s co-founder, as CEO, and the validated potential of CAR-T therapy, supported by early positive data for TPST-2003. The transaction retains 35% ownership for existing shareholders with full warrant coverage, signaling a "high-risk, high-reward" reset of the investment thesis, aligning with the stock’s sharp post-market rise.