Tourmaline Bio (NASDAQ:TRML) Shares Down 5%

Tourmaline Bio, Inc. (NASDAQ:TRML)’s stock price fell 5% on Monday . The stock traded as low as $21.79 and last traded at $21.86. 55,648 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 312,056 shares. The stock had previously closed at $23.02.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a “buy” rating and issued a $48.00 price objective on shares of Tourmaline Bio in a research report on Monday, August 12th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $61.80.

Tourmaline Bio Trading Down 2.3 %

The stock has a market cap of $577.06 million, a PE ratio of -3.34 and a beta of 2.31. The business has a 50-day moving average price of $16.35 and a 200-day moving average price of $18.23.

Tourmaline Bio (NASDAQ:TRML) last announced its earnings results on Thursday, August 8th. The company reported ($0.68) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.04. Equities analysts expect that Tourmaline Bio, Inc. will post -3.12 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Sandeep Chidambar Kulkarni acquired 5,221 shares of Tourmaline Bio stock in a transaction that occurred on Friday, August 16th. The shares were purchased at an average price of $13.79 per share, for a total transaction of $71,997.59. Following the completion of the transaction, the chief executive officer now owns 5,221 shares in the company, valued at approximately $71,997.59. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.02% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tourmaline Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TRML. Avoro Capital Advisors LLC increased its position in shares of Tourmaline Bio by 155.9% during the 1st quarter. Avoro Capital Advisors LLC now owns 2,222,222 shares of the company’s stock worth $50,889,000 after purchasing an additional 1,353,815 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of Tourmaline Bio during the 1st quarter worth approximately $25,539,000. Braidwell LP acquired a new stake in Tourmaline Bio in the 4th quarter valued at approximately $23,741,000. Great Point Partners LLC acquired a new position in Tourmaline Bio during the fourth quarter worth $17,616,000. Finally, Darwin Global Management Ltd. purchased a new position in shares of Tourmaline Bio during the first quarter worth $10,648,000. Hedge funds and other institutional investors own 91.89% of the company’s stock.

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.