Shares of Tempest Therapeutics Inc. (TPST) plummeted more than 8% on Friday, capping off a turbulent week marked by extreme ups and downs. In a remarkable turn of events, the stock experienced a one-day surge of almost 4,000%.

The rollercoaster began on Wednesday with the release of results for TPST-1120, the company’s leading experimental treatment for liver cancer. Alongside this announcement, Tempest also implemented a limited-duration stockholder-rights plan, commonly known as a poison pill. Unfortunately, the shares took a hit the following day, plunging by nearly 60%.

Despite these fluctuations, Tempest’s stock remains significantly higher for the week, having skyrocketed by an astounding 1,347%. Furthermore, it has gained an impressive 216% since the beginning of the year. In comparison, the S&P 500 (SPX) has experienced a more modest increase of 12.7%.

Addressing the company’s stockholder-rights plan, Tempest’s President and CEO, Stephen Brady, stated that they had implemented this strategy due to the ongoing dislocation in the trading price of its common stock. The plan aims to safeguard against any potential takeover threat and ensure that all stockholders receive an appropriate control premium.

In their second-quarter report for the period ending June 30th, Tempest disclosed a net loss of $7.58 million, equivalent to 54 cents per share. This represents an improvement compared to the year-earlier period when they reported a loss of $9.17 million or 79 cents per share. Analysts predict that the company will incur a full-year loss of $2.05 per share, according to FactSet data.

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