Tourmaline Bio (NASDAQ:TRML) Shares Gap Down – What’s Next?

Tourmaline Bio, Inc. (NASDAQ:TRMLGet Free Report) gapped down before the market opened on Friday . The stock had previously closed at $27.48, but opened at $25.52. Tourmaline Bio shares last traded at $26.55, with a volume of 93,988 shares trading hands.

Analyst Upgrades and Downgrades

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

Get Our Latest Report on Tourmaline Bio

Tourmaline Bio Price Performance

The company has a 50-day moving average of $19.30 and a 200 day moving average of $17.13. The company has a market cap of $645.02 million, a PE ratio of -3.87 and a beta of 2.37.

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

Insider Buying and Selling at Tourmaline Bio

In other news, CEO Sandeep Chidambar Kulkarni bought 5,221 shares of the stock in a transaction dated Friday, August 16th. The stock was purchased at an average price of $13.79 per share, for a total transaction of $71,997.59. Following the acquisition, the chief executive officer now owns 5,221 shares of the company’s stock, valued at $71,997.59. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 11.02% of the company’s stock.

Institutional Investors Weigh In On Tourmaline Bio

Institutional investors and hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets bought a new position in Tourmaline Bio in the 1st quarter valued at $31,000. Quest Partners LLC boosted its stake in shares of Tourmaline Bio by 134.0% during the second quarter. Quest Partners LLC now owns 3,822 shares of the company’s stock valued at $49,000 after purchasing an additional 2,189 shares during the period. China Universal Asset Management Co. Ltd. grew its holdings in shares of Tourmaline Bio by 109.5% in the first quarter. China Universal Asset Management Co. Ltd. now owns 4,939 shares of the company’s stock worth $113,000 after purchasing an additional 2,582 shares during the last quarter. Denali Advisors LLC purchased a new position in Tourmaline Bio in the 1st quarter worth about $128,000. Finally, Janus Henderson Group PLC bought a new stake in Tourmaline Bio during the 1st quarter valued at about $266,000. 91.89% of the stock is owned by institutional investors.

Tourmaline Bio Company Profile

(Get Free Report)

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.

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