Short Interest in Tourmaline Bio, Inc. (NASDAQ:TRML) Expands By 26.8%

Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report) saw a significant growth in short interest in January. As of January 15th, there was short interest totalling 2,080,000 shares, a growth of 26.8% from the December 31st total of 1,640,000 shares. Based on an average trading volume of 197,500 shares, the short-interest ratio is currently 10.5 days. Currently, 13.8% of the shares of the company are short sold.

Tourmaline Bio Price Performance

Shares of TRML stock traded up $0.99 during midday trading on Tuesday, hitting $16.53. The company had a trading volume of 658,568 shares, compared to its average volume of 254,380. Tourmaline Bio has a 52-week low of $12.12 and a 52-week high of $48.31. The company's 50 day simple moving average is $20.65 and its 200 day simple moving average is $21.17. The stock has a market cap of $423.83 million, a price-to-earnings ratio of -5.86 and a beta of 2.32.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.78) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.84) by $0.06. Analysts anticipate that Tourmaline Bio will post -2.99 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Cantor Fitzgerald reissued an "overweight" rating and issued a $25.00 target price on shares of Tourmaline Bio in a report on Wednesday, December 11th. BMO Capital Markets began coverage on Tourmaline Bio in a research note on Friday, December 6th. They issued an "outperform" rating and a $50.00 price objective for the company. Guggenheim restated a "buy" rating on shares of Tourmaline Bio in a research report on Wednesday, December 11th. Finally, HC Wainwright reiterated a "buy" rating and issued a $49.00 price target on shares of Tourmaline Bio in a research report on Wednesday, December 11th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $54.00.

Institutional Investors Weigh In On Tourmaline Bio

A number of hedge funds have recently added to or reduced their stakes in the company. Brooklyn Investment Group purchased a new position in shares of Tourmaline Bio during the 4th quarter worth approximately $32,000. China Universal Asset Management Co. Ltd. raised its position in 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 worth $127,000 after acquiring an additional 1,920 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Tourmaline Bio in the third quarter valued at $226,000. Quest Partners LLC boosted its position in shares of Tourmaline Bio by 145.4% during the 3rd quarter. Quest Partners LLC now owns 9,381 shares of the company's stock worth $241,000 after purchasing an additional 5,559 shares in the last quarter. Finally, MetLife Investment Management LLC acquired a new position in shares of Tourmaline Bio during the 3rd quarter worth $357,000. Institutional investors and hedge funds own 91.89% of the company's stock.

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.