Tourmaline Bio, Inc. (NASDAQ:TRML) Sees Large Increase in Short Interest

Tourmaline Bio, Inc. (NASDAQ:TRML) was the target of a large growth in short interest in December. As of December 31st, there was short interest totalling 2,080,000 shares, a growth of 26.8% from the December 15th total of 1,640,000 shares. Based on an average daily trading volume, of 197,500 shares, the short-interest ratio is currently 10.5 days. Currently, 13.8% of the shares of the stock are short sold.

Tourmaline Bio Trading Up 3.9 %

Shares of NASDAQ TRML traded up $0.67 during midday trading on Friday, hitting $18.00. The company’s stock had a trading volume of 325,872 shares, compared to its average volume of 163,015. Tourmaline Bio has a 12-month low of $12.12 and a 12-month high of $48.31. The firm has a market cap of $461.52 million, a P/E ratio of -6.38 and a beta of 2.36. The business’s 50 day moving average is $22.56 and its two-hundred day moving average is $20.83.

Tourmaline Bio (NASDAQ:TRML) last released its earnings results on Thursday, November 7th. The company reported ($0.78) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.06. On average, analysts predict that Tourmaline Bio will post -2.99 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Blue Owl Capital Holdings LP grew its stake 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 acquiring an additional 268,000 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Tourmaline Bio by 6.4% in the third quarter. Geode Capital Management LLC now owns 482,078 shares of the company’s stock valued at $12,396,000 after purchasing an additional 29,005 shares during the period. Bank of New York Mellon Corp bought a new position in Tourmaline Bio in the second quarter worth approximately $909,000. Wellington Management Group LLP increased its holdings in Tourmaline Bio by 72.8% during the 3rd quarter. Wellington Management Group LLP now owns 65,741 shares of the company’s stock worth $1,690,000 after purchasing an additional 27,707 shares during the period. Finally, State Street Corp increased its holdings in Tourmaline Bio by 25.6% during the 3rd quarter. State Street Corp now owns 411,980 shares of the company’s stock worth $10,592,000 after purchasing an additional 83,949 shares during the period. Hedge funds and other institutional investors own 91.89% of the company’s stock.

Wall Street Analysts Forecast Growth

TRML has been the topic of a number of research reports. BMO Capital Markets began coverage on shares of Tourmaline Bio in a report on Friday, December 6th. They issued an “outperform” rating and a $50.00 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $25.00 price objective on shares of Tourmaline Bio in a research note on Wednesday, December 11th. HC Wainwright reaffirmed a “buy” rating and issued a $49.00 price objective on shares of Tourmaline Bio in a research note on Wednesday, December 11th. Finally, Guggenheim reiterated a “buy” rating on shares of Tourmaline Bio in a report on Wednesday, December 11th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $54.00.

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.