Tourmaline Bio (NASDAQ:TRML) Shares Up 3.9%

Tourmaline Bio, Inc. (NASDAQ:TRML) traded up 3.9% on Wednesday . The stock traded as high as $20.09 and last traded at $20.09. 5,028 shares were traded during mid-day trading, a decline of 98% from the average session volume of 309,145 shares. The stock had previously closed at $19.34.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a “buy” rating and set a $48.00 price target on shares of Tourmaline Bio in a research note on Monday, August 12th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $61.80.

Tourmaline Bio Stock Up 3.6 %

The business has a fifty day simple moving average of $15.76 and a two-hundred day simple moving average of $18.77. The company has a market capitalization of $513.97 million, a price-to-earnings ratio of -2.98 and a beta of 2.31.

Tourmaline Bio (NASDAQ:TRML) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.68) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.04. As a group, equities analysts predict that Tourmaline Bio, Inc. will post -3.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tourmaline Bio news, CEO Sandeep Chidambar Kulkarni bought 5,221 shares of the stock in a transaction dated Friday, August 16th. The stock was bought at an average cost of $13.79 per share, for a total transaction of $71,997.59. Following the completion of the purchase, the chief executive officer now owns 5,221 shares in the company, valued at approximately $71,997.59. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.02% of the company’s stock.

Institutional Trading of Tourmaline Bio

Several hedge funds have recently modified their holdings of TRML. Cubist Systematic Strategies LLC acquired a new stake in shares of Tourmaline Bio in the 2nd quarter valued at $487,000. Algert Global LLC increased its position in Tourmaline Bio by 122.7% in the second quarter. Algert Global LLC now owns 39,866 shares of the company’s stock worth $513,000 after purchasing an additional 21,965 shares during the period. Blue Owl Capital Holdings LP grew its position in shares of Tourmaline Bio by 18.5% during 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. Marshall Wace LLP increased its holdings in Tourmaline Bio by 22.3% in the second quarter. Marshall Wace LLP now owns 170,447 shares of the company’s stock valued at $2,192,000 after purchasing an additional 31,029 shares during the last quarter. Finally, HighVista Strategies LLC raised its position in shares of Tourmaline Bio by 57.2% in the 2nd quarter. HighVista Strategies LLC now owns 83,397 shares of the company’s stock valued at $1,072,000 after acquiring an additional 30,345 shares during the period. 91.89% of the stock is owned by institutional investors.

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.