Tourmaline Bio, Inc. (NASDAQ:TRML – Get Free Report) was the target of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 1,520,000 shares, a decrease of 20.0% from the September 30th total of 1,900,000 shares. Currently, 10.2% of the company’s stock are sold short. Based on an average daily volume of 202,700 shares, the days-to-cover ratio is presently 7.5 days.
Analysts Set New Price Targets
A number of equities analysts have issued reports on the company. Cantor Fitzgerald raised Tourmaline Bio to a “strong-buy” rating in a research report on Tuesday, October 15th. HC Wainwright reaffirmed a “buy” rating and issued a $48.00 price target on shares of Tourmaline Bio in a report on Monday, August 12th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $61.00.
Get Our Latest Analysis on Tourmaline Bio
Tourmaline Bio Stock Down 1.3 %
Tourmaline Bio (NASDAQ:TRML – Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.68) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.72) by $0.04. As a group, analysts expect that Tourmaline Bio will post -3.08 earnings per share for the current year.
Insider Activity
In other news, CEO Sandeep Chidambar Kulkarni purchased 5,221 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were purchased at an average price of $13.79 per share, with a total value of $71,997.59. Following 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 filing with the SEC, which can be accessed through this link. Insiders own 11.02% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets acquired a new stake in Tourmaline Bio during the first quarter worth about $31,000. Quest Partners LLC lifted its holdings in shares of 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 purchasing an additional 2,189 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its position in Tourmaline Bio by 63.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 4,932 shares of the company’s stock valued at $127,000 after purchasing an additional 1,920 shares during the period. Denali Advisors LLC acquired a new position in Tourmaline Bio during the 1st quarter valued at approximately $128,000. Finally, Janus Henderson Group PLC bought a new position in Tourmaline Bio during the 1st quarter worth $266,000. 91.89% of the stock is owned by institutional investors and hedge funds.
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.
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