Tourmaline Bio (NASDAQ:TRML) Shares Down 3.9% – Should You Sell?

Tourmaline Bio, Inc. (NASDAQ:TRML) shares traded down 3.9% on Tuesday . The stock traded as low as $20.02 and last traded at $20.46. 15,772 shares changed hands during trading, a decline of 95% from the average session volume of 290,660 shares. The stock had previously closed at $21.30.

Analyst Ratings Changes

Several equities analysts recently issued reports on TRML shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $25.00 price objective on shares of Tourmaline Bio in a research report on Wednesday, December 11th. Guggenheim reaffirmed a “buy” rating on shares of Tourmaline Bio in a research report on Wednesday, December 11th. HC Wainwright reissued a “buy” rating and issued a $49.00 target price on shares of Tourmaline Bio in a research report on Wednesday, December 11th. Finally, BMO Capital Markets assumed coverage on shares of Tourmaline Bio in a report on Friday, December 6th. They set an “outperform” rating and a $50.00 price target on the stock. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Tourmaline Bio currently has an average rating of “Buy” and an average target price of $54.00.

Tourmaline Bio Price Performance

The company has a market capitalization of $541.32 million, a P/E ratio of -7.49 and a beta of 2.32. The firm’s 50-day moving average is $25.34 and its 200-day moving average is $20.22.

Tourmaline Bio (NASDAQ:TRML) last announced its earnings results on Thursday, November 7th. The company reported ($0.78) EPS for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.06. As a group, analysts forecast that Tourmaline Bio, Inc. will post -2.99 EPS for the current fiscal year.

Hedge Funds Weigh In On Tourmaline Bio

Large investors have recently made changes to their positions in the business. Blue Owl Capital Holdings LP lifted 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 purchasing an additional 268,000 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in Tourmaline Bio during the second quarter valued at $909,000. Wellington Management Group LLP increased its holdings in Tourmaline Bio by 72.8% in the 3rd quarter. Wellington Management Group LLP now owns 65,741 shares of the company’s stock valued at $1,690,000 after acquiring an additional 27,707 shares during the last quarter. Rhumbline Advisers lifted its stake in Tourmaline Bio by 28,554.3% in the 2nd quarter. Rhumbline Advisers now owns 33,239 shares of the company’s stock worth $427,000 after purchasing an additional 33,123 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Tourmaline Bio by 3.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 63,571 shares of the company’s stock valued at $1,634,000 after purchasing an additional 2,147 shares during the last quarter. 91.89% of the stock is currently 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.