Tourmaline Bio, Inc. (NASDAQ:TRML) Sees Large Growth in Short Interest

Tourmaline Bio, Inc. (NASDAQ:TRML) saw a significant growth in short interest in the month of January. As of January 31st, there was short interest totalling 2,710,000 shares, a growth of 16.3% from the January 15th total of 2,330,000 shares. Based on an average daily trading volume, of 248,100 shares, the days-to-cover ratio is presently 10.9 days. Currently, 17.4% of the company’s shares are short sold.

Hedge Funds Weigh In On Tourmaline Bio

A number of institutional investors and hedge funds have recently modified their holdings of TRML. Brooklyn Investment Group bought a new position in shares of Tourmaline Bio during the 4th quarter worth approximately $32,000. Tower Research Capital LLC TRC boosted its holdings in shares of Tourmaline Bio by 297.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,646 shares of the company’s stock worth $33,000 after buying an additional 1,232 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Tourmaline Bio during the 4th quarter worth approximately $47,000. Virtus ETF Advisers LLC bought a new position in shares of Tourmaline Bio during the 4th quarter worth approximately $64,000. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in shares of 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 worth $127,000 after buying an additional 1,920 shares in the last quarter. 91.89% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TRML. HC Wainwright reaffirmed a “buy” rating and issued a $49.00 price objective on shares of Tourmaline Bio in a research note 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. Cantor Fitzgerald reissued an “overweight” rating and set a $25.00 target price on shares of Tourmaline Bio in a research report on Wednesday, December 11th. Finally, Guggenheim reissued a “buy” rating on shares of Tourmaline Bio in a research report on Wednesday, December 11th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Tourmaline Bio currently has a consensus rating of “Buy” and a consensus price target of $54.00.

Tourmaline Bio Trading Up 5.7 %

NASDAQ:TRML traded up $0.74 on Friday, reaching $13.83. 229,174 shares of the stock traded hands, compared to its average volume of 298,782. The firm has a market capitalization of $354.60 million, a price-to-earnings ratio of -4.90 and a beta of 2.32. The company’s 50 day moving average is $18.83 and its 200-day moving average is $20.97. Tourmaline Bio has a 1-year low of $12.12 and a 1-year high of $48.31.

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.