Tourmaline Bio (NASDAQ:TRML) Trading Down 3.9% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

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

Tourmaline Bio Stock Performance

The company has a market capitalization of $548.76 million, a P/E ratio of -7.59 and a beta of 2.32. The firm’s fifty day moving average is $25.12 and its 200 day moving average is $20.28.

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

Institutional Trading of Tourmaline Bio

A number of hedge funds and other institutional investors have recently bought and sold shares of TRML. Barclays PLC boosted its stake in shares of Tourmaline Bio by 283.7% during the third quarter. Barclays PLC now owns 31,833 shares of the company’s stock valued at $819,000 after purchasing an additional 23,536 shares during the period. Geode Capital Management LLC boosted its position in Tourmaline Bio by 6.4% in the 3rd quarter. Geode Capital Management LLC now owns 482,078 shares of the company’s stock valued at $12,396,000 after buying an additional 29,005 shares during the period. Jane Street Group LLC grew its stake in Tourmaline Bio by 211.3% in the 3rd quarter. Jane Street Group LLC now owns 21,705 shares of the company’s stock worth $558,000 after acquiring an additional 41,205 shares in the last quarter. Wellington Management Group LLP grew its stake in Tourmaline Bio by 72.8% in the 3rd quarter. Wellington Management Group LLP now owns 65,741 shares of the company’s stock worth $1,690,000 after acquiring an additional 27,707 shares in the last quarter. Finally, State Street Corp increased its position in shares of Tourmaline Bio by 25.6% during the third quarter. State Street Corp now owns 411,980 shares of the company’s stock worth $10,592,000 after acquiring an additional 83,949 shares during the period. 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.