Tourmaline Bio (NASDAQ:TRML) Shares Down 3.9% - What's Next?

Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report)'s share price fell 3.9% during trading on Tuesday . The company traded as low as $20.02 and last traded at $20.46. 15,772 shares traded hands during trading, a decline of 95% from the average session volume of 290,660 shares. The stock had previously closed at $21.30.

Analysts Set New Price Targets

A number of research analysts have issued reports on TRML shares. BMO Capital Markets started coverage on Tourmaline Bio in a research report on Friday, December 6th. They issued an "outperform" rating and a $50.00 target price on the stock. HC Wainwright restated a "buy" rating and issued a $49.00 target price on shares of Tourmaline Bio in a research report on Wednesday, December 11th. Cantor Fitzgerald reiterated an "overweight" rating and set a $25.00 price target on shares of Tourmaline Bio in a report on Wednesday, December 11th. Finally, Guggenheim reissued a "buy" rating on shares of Tourmaline Bio in a report on Wednesday, December 11th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $54.00.

Tourmaline Bio Stock Up 0.5 %

The firm has a 50 day moving average price of $25.34 and a two-hundred day moving average price of $20.22. The company has a market cap of $548.76 million, a price-to-earnings ratio of -7.59 and a beta of 2.32.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.78) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.84) by $0.06. On average, equities analysts expect that Tourmaline Bio, Inc. will post -2.99 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC grew its stake in Tourmaline Bio by 283.7% during the third quarter. Barclays PLC now owns 31,833 shares of the company's stock worth $819,000 after purchasing an additional 23,536 shares during the period. Geode Capital Management LLC grew its position in shares of Tourmaline Bio by 6.4% during the 3rd quarter. Geode Capital Management LLC now owns 482,078 shares of the company's stock worth $12,396,000 after buying an additional 29,005 shares during the period. Jane Street Group LLC lifted its position in shares of Tourmaline Bio by 211.3% during the 3rd quarter. Jane Street Group LLC now owns 21,705 shares of the company's stock valued at $558,000 after acquiring an additional 41,205 shares during the period. Wellington Management Group LLP lifted its position in shares of Tourmaline Bio by 72.8% during the 3rd quarter. Wellington Management Group LLP now owns 65,741 shares of the company's stock valued at $1,690,000 after acquiring an additional 27,707 shares during the period. Finally, State Street Corp boosted its stake in Tourmaline Bio by 25.6% during the third quarter. State Street Corp now owns 411,980 shares of the company's stock worth $10,592,000 after acquiring an additional 83,949 shares in the last quarter. 91.89% of the stock is 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.