Tourmaline Bio, Inc. (NASDAQ:TRML – Get Free Report) shares dropped 4.3% during trading on Wednesday . The company traded as low as $27.13 and last traded at $27.26. Approximately 68,351 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 313,635 shares. The stock had previously closed at $28.49.
Analyst Upgrades and Downgrades
Separately, HC Wainwright reiterated a “buy” rating and issued a $48.00 target price on shares of Tourmaline Bio in a research note on Monday, August 12th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Tourmaline Bio presently has a consensus rating of “Buy” and a consensus price target of $61.80.
Get Our Latest Analysis on TRML
Tourmaline Bio Stock Performance
Tourmaline Bio (NASDAQ:TRML – Get Free Report) last released 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. On average, equities analysts expect that Tourmaline Bio, Inc. will post -3.12 earnings per share for the current fiscal year.
Insider Activity
In other news, CEO Sandeep Chidambar Kulkarni purchased 5,221 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was purchased at an average cost of $13.79 per share, for a total transaction of $71,997.59. Following the completion of the transaction, the chief executive officer now owns 5,221 shares of the company’s stock, valued at $71,997.59. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 11.02% of the company’s stock.
Institutional Trading of Tourmaline Bio
Several large investors have recently bought and sold shares of TRML. Avoro Capital Advisors LLC boosted its stake in Tourmaline Bio by 155.9% during the first 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 last quarter. Jennison Associates LLC purchased a new stake in shares of Tourmaline Bio in the first quarter valued at about $25,539,000. Braidwell LP acquired a new stake in Tourmaline Bio during the fourth quarter worth about $23,741,000. Great Point Partners LLC purchased a new position in Tourmaline Bio during the fourth quarter worth about $17,616,000. Finally, Darwin Global Management Ltd. acquired a new position in Tourmaline Bio in the 1st quarter valued at about $10,648,000. 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.
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