Tourmaline Bio, Inc. (NASDAQ:TRML – Get Free Report) dropped 5% during trading on Monday . The stock traded as low as $21.79 and last traded at $21.86. Approximately 55,648 shares traded hands during trading, a decline of 82% from the average daily volume of 312,056 shares. The stock had previously closed at $23.02.
Wall Street Analyst Weigh In
Separately, HC Wainwright reaffirmed a “buy” rating and set 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, According to MarketBeat.com, Tourmaline Bio currently has an average rating of “Buy” and a consensus price target of $61.80.
Read Our Latest Analysis on TRML
Tourmaline Bio Stock Down 2.3 %
Tourmaline Bio (NASDAQ:TRML – Get 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. As a group, sell-side analysts predict that Tourmaline Bio, Inc. will post -3.12 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, CEO Sandeep Chidambar Kulkarni bought 5,221 shares of Tourmaline Bio stock in a transaction on Friday, August 16th. The stock was acquired at an average cost of $13.79 per share, for a total transaction of $71,997.59. Following the completion of the acquisition, the chief executive officer now owns 5,221 shares of the company’s stock, valued at approximately $71,997.59. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 11.02% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Tourmaline Bio
Hedge funds have recently modified their holdings of the stock. Avoro Capital Advisors LLC increased its holdings in Tourmaline Bio by 155.9% in the 1st quarter. Avoro Capital Advisors LLC now owns 2,222,222 shares of the company’s stock worth $50,889,000 after buying an additional 1,353,815 shares during the period. Blue Owl Capital Holdings LP increased its holdings in Tourmaline Bio by 18.5% in the 2nd quarter. Blue Owl Capital Holdings LP now owns 1,715,401 shares of the company’s stock worth $22,060,000 after buying an additional 268,000 shares during the period. Jennison Associates LLC acquired a new position in Tourmaline Bio in the 1st quarter worth approximately $25,539,000. Vanguard Group Inc. increased its holdings in Tourmaline Bio by 19.7% in the 1st quarter. Vanguard Group Inc. now owns 914,519 shares of the company’s stock worth $20,942,000 after buying an additional 150,767 shares during the period. Finally, Braidwell LP acquired a new position in Tourmaline Bio in the 4th quarter worth approximately $23,741,000. Institutional investors and hedge funds own 91.89% of the company’s stock.
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.
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