Tourmaline Bio (NASDAQ:TRML) Stock Price Down 4.3% – Should You Sell?

Tourmaline Bio, Inc. (NASDAQ:TRML)’s stock price traded down 4.3% on Wednesday . The company traded as low as $27.13 and last traded at $27.26. 68,351 shares were traded during trading, a decline of 78% from the average session volume of 313,635 shares. The stock had previously closed at $28.49.

Wall Street Analysts Forecast Growth

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

Tourmaline Bio Stock Down 4.6 %

The firm has a market cap of $696.90 million, a price-to-earnings ratio of -4.12 and a beta of 2.37. The company’s 50-day moving average price is $18.69 and its 200-day moving average price is $17.03.

Tourmaline Bio (NASDAQ:TRML) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.68) EPS for the quarter, beating the consensus estimate of ($0.72) by $0.04. On average, sell-side analysts predict that Tourmaline Bio, Inc. will post -3.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Sandeep Chidambar Kulkarni purchased 5,221 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was bought at an average price of $13.79 per share, for a total transaction of $71,997.59. Following the completion of the purchase, the chief executive officer now directly owns 5,221 shares of the company’s stock, valued at $71,997.59. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.02% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tourmaline Bio

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

Tourmaline Bio Company Profile

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.