Brokers Issue Forecasts for Tourmaline Bio FY2024 Earnings

Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) - Research analysts at Cantor Fitzgerald issued their FY2024 EPS estimates for shares of Tourmaline Bio in a report released on Tuesday, October 15th. Cantor Fitzgerald analyst J. Schimmer forecasts that the company will post earnings per share of ($2.85) for the year. Cantor Fitzgerald currently has a "Strong-Buy" rating on the stock. The consensus estimate for Tourmaline Bio's current full-year earnings is ($3.12) per share.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last released 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.

Separately, HC Wainwright reissued a "buy" rating and set a $48.00 price objective 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 and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $61.80.

Tourmaline Bio Stock Up 4.8 %

Tourmaline Bio stock traded up $1.33 during midday trading on Thursday, hitting $29.13. 244,383 shares of the stock were exchanged, compared to its average volume of 314,007. The company has a fifty day simple moving average of $20.02 and a two-hundred day simple moving average of $17.21. Tourmaline Bio has a 52 week low of $9.18 and a 52 week high of $48.31. The stock has a market capitalization of $746.89 million, a PE ratio of -7.55 and a beta of 2.37.

Insiders Place Their Bets

In related news, CEO Sandeep Chidambar Kulkarni bought 5,221 shares of the company's stock in a transaction on Friday, August 16th. The shares were purchased at an average cost of $13.79 per share, for a total transaction of $71,997.59. Following the acquisition, the chief executive officer now owns 5,221 shares of the company's stock, valued at approximately $71,997.59. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 11.02% of the company's stock.

Institutional Trading of Tourmaline Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets acquired a new stake in shares of Tourmaline Bio in the first quarter valued at approximately $31,000. Quest Partners LLC increased its holdings in Tourmaline Bio by 134.0% during the second quarter. Quest Partners LLC now owns 3,822 shares of the company's stock worth $49,000 after buying an additional 2,189 shares during the last quarter. Denali Advisors LLC acquired a new position in Tourmaline Bio during the first quarter worth $128,000. Janus Henderson Group PLC acquired a new position in Tourmaline Bio during the first quarter worth $266,000. Finally, AlphaCentric Advisors LLC boosted its position in Tourmaline Bio by 22.7% during the second quarter. AlphaCentric Advisors LLC now owns 75,000 shares of the company's stock worth $964,000 after purchasing an additional 13,900 shares during the period. 91.89% of the stock is currently owned by institutional investors and hedge funds.

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.