Tourmaline Bio (NASDAQ:TRML) Trading Up 6.3% – Time to Buy?

Shares of Tourmaline Bio, Inc. (NASDAQ:TRML) rose 6.3% during trading on Wednesday . The stock traded as high as $27.36 and last traded at $27.36. Approximately 68,716 shares traded hands during trading, a decline of 78% from the average daily volume of 311,912 shares. The stock had previously closed at $25.75.

Analyst Upgrades and Downgrades

TRML has been the topic of several analyst reports. HC Wainwright reissued a “buy” rating and issued a $48.00 target price on shares of Tourmaline Bio in a research report on Monday, August 12th. Cantor Fitzgerald upgraded Tourmaline Bio to a “strong-buy” rating in a report on Tuesday. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $61.80.

Tourmaline Bio Price Performance

The company has a market capitalization of $706.32 million, a price-to-earnings ratio of -3.96 and a beta of 2.37. The firm has a 50-day moving average price of $19.74 and a two-hundred day moving average price of $17.13.

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

Insider Transactions at Tourmaline Bio

In other news, CEO Sandeep Chidambar Kulkarni acquired 5,221 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was acquired at an average price of $13.79 per share, with a total value of $71,997.59. Following the completion of the transaction, the chief executive officer now directly owns 5,221 shares of the company’s stock, valued at $71,997.59. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 11.02% of the company’s stock.

Hedge Funds Weigh In On Tourmaline Bio

A number of institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets bought a new position in Tourmaline Bio during the 1st quarter worth $31,000. Quest Partners LLC increased its stake in shares of Tourmaline Bio by 134.0% during the 2nd quarter. Quest Partners LLC now owns 3,822 shares of the company’s stock worth $49,000 after purchasing an additional 2,189 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of Tourmaline Bio by 109.5% in the 1st 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 period. Denali Advisors LLC purchased a new position in Tourmaline Bio in the first quarter valued at approximately $128,000. Finally, Janus Henderson Group PLC bought a new stake in shares of Tourmaline Bio in the first quarter valued at $266,000. 91.89% of the stock is currently 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.