Cubist Systematic Strategies LLC Purchases Shares of 37,861 Tourmaline Bio, Inc. (NASDAQ:TRML)

Cubist Systematic Strategies LLC bought a new position in shares of Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 37,861 shares of the company's stock, valued at approximately $487,000. Cubist Systematic Strategies LLC owned 0.15% of Tourmaline Bio as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. BNP Paribas Financial Markets purchased a new position in shares of Tourmaline Bio in the 1st quarter valued at $31,000. Quest Partners LLC raised its holdings in Tourmaline Bio by 134.0% in the second quarter. Quest Partners LLC now owns 3,822 shares of the company's stock worth $49,000 after purchasing an additional 2,189 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of 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 buying an additional 2,582 shares during the last quarter. Denali Advisors LLC bought a new stake in shares of Tourmaline Bio in the 1st quarter valued at about $128,000. Finally, Janus Henderson Group PLC purchased a new position in shares of Tourmaline Bio in the 1st quarter worth approximately $266,000. Institutional investors own 91.89% of the company's stock.

Tourmaline Bio Trading Down 8.5 %

TRML traded down $2.33 on Friday, reaching $25.15. The stock had a trading volume of 641,611 shares, compared to its average volume of 308,030. The business's 50-day moving average price is $19.30 and its two-hundred day moving average price is $17.09. The company has a market cap of $644.85 million, a P/E ratio of -6.83 and a beta of 2.37. Tourmaline Bio, Inc. has a 12-month low of $9.18 and a 12-month high of $48.31.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.68) earnings per share for the quarter, topping analysts' consensus estimates of ($0.72) by $0.04. As a group, analysts predict that Tourmaline Bio, Inc. will post -3.12 earnings per share for the current year.

Insider Activity

In other news, CEO Sandeep Chidambar Kulkarni purchased 5,221 shares of the stock in a transaction dated Friday, August 16th. The shares were purchased at an average cost of $13.79 per share, with a total value of $71,997.59. Following the completion of the purchase, the chief executive officer now directly owns 5,221 shares of the company's stock, valued at approximately $71,997.59. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 11.02% of the company's stock.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a "buy" rating and issued a $48.00 target price on shares of Tourmaline Bio in a research note on Monday, August 12th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $61.80.

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.