Tourmaline Bio (NASDAQ:TRML) Trading Down 3.9% – Time to Sell?

Tourmaline Bio, Inc. (NASDAQ:TRML) traded down 3.9% on Tuesday . The company traded as low as $20.02 and last traded at $20.46. 15,772 shares traded hands during trading, a decline of 95% from the average session volume of 290,660 shares. The stock had previously closed at $21.30.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on TRML shares. Guggenheim reissued a “buy” rating on shares of Tourmaline Bio in a research report on Wednesday, December 11th. Cantor Fitzgerald reiterated an “overweight” rating and set a $25.00 target price on shares of Tourmaline Bio in a report on Wednesday, December 11th. BMO Capital Markets began coverage on shares of Tourmaline Bio in a research report on Friday, December 6th. They set an “outperform” rating and a $50.00 target price on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $49.00 price target on shares of Tourmaline Bio in a research report on Wednesday, December 11th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $54.00.

Tourmaline Bio Price Performance

The business has a 50-day moving average of $25.12 and a two-hundred day moving average of $20.28. The company has a market cap of $548.76 million, a P/E ratio of -7.59 and a beta of 2.32.

Tourmaline Bio (NASDAQ:TRML) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.78) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.84) by $0.06. Equities analysts anticipate that Tourmaline Bio, Inc. will post -2.99 EPS for the current fiscal year.

Hedge Funds Weigh In On Tourmaline Bio

A number of large investors have recently made changes to their positions in TRML. Bank of New York Mellon Corp acquired a new stake in shares of Tourmaline Bio in the 2nd quarter worth $909,000. Rhumbline Advisers raised its stake in Tourmaline Bio by 28,554.3% in the second quarter. Rhumbline Advisers now owns 33,239 shares of the company’s stock valued at $427,000 after buying an additional 33,123 shares during the last quarter. Quest Partners LLC boosted its holdings in Tourmaline Bio by 134.0% in the second quarter. Quest Partners LLC now owns 3,822 shares of the company’s stock worth $49,000 after acquiring an additional 2,189 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Tourmaline Bio by 184.9% during the second quarter. Renaissance Technologies LLC now owns 100,076 shares of the company’s stock worth $1,287,000 after acquiring an additional 64,950 shares during the last quarter. Finally, HighVista Strategies LLC increased its holdings in shares of Tourmaline Bio by 57.2% during the second quarter. HighVista Strategies LLC now owns 83,397 shares of the company’s stock valued at $1,072,000 after acquiring an additional 30,345 shares in the last quarter. 91.89% of the stock is owned by institutional investors and hedge funds.

About Tourmaline Bio

Tourmaline Bio, Inc operates as a clinical biotechnology company that develops medicines for patients with life-altering immune and inflammatory diseases. It develops TOUR006, a human anti-IL-6 monoclonal antibody that selectively binds to interleukin-6, a key proinflammatory cytokine involved in the pathogenesis of many autoimmune and inflammatory disorders.