Tourmaline Bio (NASDAQ:TRML) Shares Up 6.3% - Here's What Happened

Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report)'s share price was up 6.3% during trading on Wednesday . The stock traded as high as $27.36 and last traded at $27.36. Approximately 68,716 shares traded hands during trading, a decline of 78% from the average daily volume of 311,912 shares. The stock had previously closed at $25.75.

Wall Street Analysts Forecast Growth

TRML has been the subject of a number of recent analyst reports. HC Wainwright reissued a "buy" rating and issued a $48.00 target price on shares of Tourmaline Bio in a research report on Monday, August 12th. Cantor Fitzgerald raised shares of Tourmaline Bio to a "strong-buy" rating in a report on Tuesday. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $61.80.

Tourmaline Bio Trading Up 8.0 %

The firm has a market capitalization of $712.99 million, a P/E ratio of -4.28 and a beta of 2.37. The stock has a 50 day simple moving average of $20.02 and a 200-day simple moving average of $17.21.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last announced its earnings results on Thursday, August 8th. The company reported ($0.68) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.72) by $0.04. As a group, sell-side analysts expect that Tourmaline Bio, Inc. will post -3.12 earnings per share for the current fiscal year.

Insider Transactions at Tourmaline Bio

In related news, CEO Sandeep Chidambar Kulkarni bought 5,221 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were bought at an average cost of $13.79 per share, for a total transaction of $71,997.59. Following the completion of the transaction, the chief executive officer now owns 5,221 shares of the company's stock, valued at approximately $71,997.59. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 11.02% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tourmaline Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets purchased a new stake in shares of Tourmaline Bio in the first quarter worth $31,000. Quest Partners LLC increased its stake in Tourmaline Bio by 134.0% in the 2nd quarter. Quest Partners LLC now owns 3,822 shares of the company's stock worth $49,000 after buying an additional 2,189 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in Tourmaline Bio by 109.5% during the first quarter. China Universal Asset Management Co. Ltd. now owns 4,939 shares of the company's stock valued at $113,000 after acquiring an additional 2,582 shares during the period. Denali Advisors LLC bought a new stake in Tourmaline Bio during the first quarter valued at about $128,000. Finally, Janus Henderson Group PLC bought a new position in shares of Tourmaline Bio in the first quarter worth about $266,000. Institutional investors own 91.89% of the company's stock.

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.