Tourmaline Bio (NASDAQ:TRML) Shares Down 2.3%

Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report) shares fell 2.3% during mid-day trading on Tuesday . The stock traded as low as $22.50 and last traded at $22.56. 3,226 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 349,061 shares. The stock had previously closed at $23.09.

Analysts Set New Price Targets

TRML has been the subject of a number of research reports. HC Wainwright restated a "buy" rating and issued a $48.00 target price on shares of Tourmaline Bio in a research note on Wednesday, March 20th. Jefferies Financial Group raised their price objective on shares of Tourmaline Bio from $41.00 to $72.00 and gave the company a "buy" rating in a research report on Wednesday, March 20th. Finally, Truist Financial reiterated a "buy" rating and set a $74.00 target price on shares of Tourmaline Bio in a research report on Monday, March 25th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Tourmaline Bio has a consensus rating of "Buy" and a consensus price target of $61.80.

Tourmaline Bio Price Performance

The firm has a market cap of $587.06 million, a P/E ratio of -2.02 and a beta of 2.33. The business's 50-day moving average price is $34.69.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last announced its quarterly earnings data on Tuesday, March 19th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.75) by ($0.06). As a group, research analysts expect that Tourmaline Bio, Inc. will post -2.9 earnings per share for the current year.

Insider Transactions at Tourmaline Bio

In other news, Director Mark Mcdade bought 100,000 shares of the stock in a transaction on Monday, January 29th. The stock was purchased at an average price of $32.50 per share, with a total value of $3,250,000.00. Following the completion of the purchase, the director now owns 448,431 shares of the company's stock, valued at $14,574,007.50. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 16.50% of the stock is owned by corporate insiders.

Institutional Trading of Tourmaline Bio

Several hedge funds have recently bought and sold shares of the stock. BML Capital Management LLC bought a new stake in Tourmaline Bio in the 4th quarter valued at approximately $6,427,000. Vivo Capital LLC acquired a new position in Tourmaline Bio during the fourth quarter worth $15,495,000. Jump Financial LLC bought a new stake in Tourmaline Bio during the fourth quarter worth $380,000. Dimensional Fund Advisors LP acquired a new stake in Tourmaline Bio in the fourth quarter valued at $546,000. Finally, Goldman Sachs Group Inc. bought a new position in shares of Tourmaline Bio in the 4th quarter valued at about $236,000. 91.89% of the stock is currently 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.