Tourmaline Bio, Inc. (NASDAQ:TRML) to Post FY2024 Earnings of ($2.85) Per Share, Cantor Fitzgerald Forecasts

Tourmaline Bio, Inc. (NASDAQ:TRML) – Equities researchers at Cantor Fitzgerald issued their FY2024 earnings estimates for Tourmaline Bio in a research note issued to investors on Tuesday, October 15th. Cantor Fitzgerald analyst J. Schimmer expects that the company will post earnings of ($2.85) per share for the year. Cantor Fitzgerald has a “Strong-Buy” rating on the stock. The consensus estimate for Tourmaline Bio’s current full-year earnings is ($3.12) per share.

Tourmaline Bio (NASDAQ:TRML) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.68) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.04.

Separately, HC Wainwright reissued a “buy” rating and set a $48.00 target price on shares of Tourmaline Bio in a report on Monday, August 12th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $61.80.

Tourmaline Bio Price Performance

Shares of NASDAQ TRML opened at $27.80 on Thursday. Tourmaline Bio has a twelve month low of $9.18 and a twelve month high of $48.31. The business’s 50 day moving average price is $20.02 and its two-hundred day moving average price is $17.21.

Hedge Funds Weigh In On Tourmaline Bio

Institutional investors and hedge funds have recently modified their holdings of the business. Avoro Capital Advisors LLC raised its stake in Tourmaline Bio by 155.9% in the 1st quarter. Avoro Capital Advisors LLC now owns 2,222,222 shares of the company’s stock worth $50,889,000 after purchasing an additional 1,353,815 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of Tourmaline Bio in the first quarter valued at approximately $25,539,000. Darwin Global Management Ltd. acquired a new stake in shares of Tourmaline Bio in the first quarter valued at approximately $10,648,000. StemPoint Capital LP bought a new stake in shares of Tourmaline Bio in the first quarter valued at approximately $6,280,000. Finally, Blue Owl Capital Holdings LP grew its position in Tourmaline Bio by 18.5% during the second quarter. Blue Owl Capital Holdings LP now owns 1,715,401 shares of the company’s stock worth $22,060,000 after buying an additional 268,000 shares in the last quarter. 91.89% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Tourmaline Bio

In other news, CEO Sandeep Chidambar Kulkarni bought 5,221 shares of the stock in a transaction dated Friday, August 16th. The shares were bought at an average price of $13.79 per share, for a total transaction of $71,997.59. Following the completion of the purchase, the chief executive officer now owns 5,221 shares in the company, valued at approximately $71,997.59. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 11.02% 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.