Short Interest in Tourmaline Bio, Inc. (NASDAQ:TRML) Declines By 20.0%

Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report) was the recipient of a significant drop in short interest during 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 currently 7.5 days. Approximately 10.2% of the company's stock are sold short.

Tourmaline Bio Trading Down 2.7 %

Tourmaline Bio stock traded down $0.75 on Friday, reaching $26.59. 196,453 shares of the stock were exchanged, compared to its average volume of 309,614. The stock has a market cap of $681.95 million, a PE ratio of -4.09 and a beta of 2.37. The firm has a fifty day moving average price of $21.98 and a two-hundred day moving average price of $17.46. Tourmaline Bio has a twelve month low of $12.06 and a twelve month high of $48.31.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last announced its earnings results on Thursday, August 8th. The company reported ($0.68) earnings per share for the quarter, beating the consensus estimate of ($0.72) by $0.04. Equities analysts anticipate that Tourmaline Bio will post -3.08 EPS for the current fiscal year.

Insider Activity at Tourmaline Bio

In other news, CEO Sandeep Chidambar Kulkarni purchased 5,221 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was acquired at an average price of $13.79 per share, with a total value of $71,997.59. Following the purchase, the chief executive officer now owns 5,221 shares in the company, valued at $71,997.59. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.02% of the company's stock.

Institutional Investors Weigh In On Tourmaline Bio

Hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets acquired a new position in Tourmaline Bio during the 1st quarter valued at $31,000. Quest Partners LLC raised its position in shares of Tourmaline Bio by 134.0% during the second quarter. Quest Partners LLC now owns 3,822 shares of the company's stock valued at $49,000 after buying an additional 2,189 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in shares of 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 buying an additional 1,920 shares during the period. Denali Advisors LLC acquired a new stake in Tourmaline Bio during the first quarter worth about $128,000. Finally, Janus Henderson Group PLC bought a new position in Tourmaline Bio during the first quarter valued at about $266,000. Institutional investors and hedge funds own 91.89% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on TRML shares. Cantor Fitzgerald raised shares of Tourmaline Bio to a "strong-buy" rating in a research report on Tuesday, October 15th. HC Wainwright reissued a "buy" rating and set a $48.00 price objective on shares of Tourmaline Bio in a report on Monday, August 12th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $61.00.

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.