Tourmaline Bio, Inc. (NASDAQ:TRML) Short Interest Update

Tourmaline Bio, Inc. (NASDAQ:TRML) was the recipient of a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 1,520,000 shares, a drop of 20.0% from the September 30th total of 1,900,000 shares. Based on an average daily volume of 202,700 shares, the short-interest ratio is presently 7.5 days. Approximately 10.2% of the shares of the stock are sold short.

Tourmaline Bio Stock Down 1.3 %

Shares of TRML stock traded down $0.35 during mid-day trading on Tuesday, hitting $27.10. 67,645 shares of the company’s stock were exchanged, compared to its average volume of 307,426. The stock has a 50-day simple moving average of $22.24 and a two-hundred day simple moving average of $17.51. Tourmaline Bio has a fifty-two week low of $12.12 and a fifty-two week high of $48.31. The stock has a market cap of $694.84 million, a price-to-earnings ratio of -7.46 and a beta of 2.37.

Tourmaline Bio (NASDAQ:TRML) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.68) EPS for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.04. As a group, analysts anticipate that Tourmaline Bio will post -3.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TRML. HC Wainwright restated a “buy” rating and set a $48.00 target price on shares of Tourmaline Bio in a report on Monday, August 12th. Cantor Fitzgerald upgraded Tourmaline Bio to a “strong-buy” rating in a research report on Tuesday, October 15th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $61.00.

Insider Activity at Tourmaline Bio

In related news, CEO Sandeep Chidambar Kulkarni bought 5,221 shares of the company’s stock in a transaction on Friday, August 16th. The stock was bought at an average cost of $13.79 per share, with a total value of $71,997.59. Following the completion of the acquisition, the chief executive officer now owns 5,221 shares in the company, valued at approximately $71,997.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 11.02% of the company’s stock.

Institutional Trading of Tourmaline Bio

Several institutional investors have recently made changes to their positions in TRML. China Universal Asset Management Co. Ltd. boosted its holdings in Tourmaline Bio by 63.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 4,932 shares of the company’s stock valued at $127,000 after acquiring an additional 1,920 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Tourmaline Bio in the second quarter worth $487,000. Algert Global LLC raised its stake in shares of Tourmaline Bio by 122.7% in the 2nd quarter. Algert Global LLC now owns 39,866 shares of the company’s stock valued at $513,000 after acquiring an additional 21,965 shares during the period. Blue Owl Capital Holdings LP raised its stake in shares of 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 valued at $22,060,000 after acquiring an additional 268,000 shares during the period. Finally, Marshall Wace LLP lifted its holdings in shares of Tourmaline Bio by 22.3% during the 2nd quarter. Marshall Wace LLP now owns 170,447 shares of the company’s stock valued at $2,192,000 after acquiring an additional 31,029 shares in the last quarter. 91.89% of the stock is owned by hedge funds and other institutional investors.

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.