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

Key Points

• Tourmaline Bio, Inc. experienced a significant decline in short interest, dropping by 38.5% to 1,630,000 shares as of September 15th.
• Approximately 91.89% of Tourmaline Bio's stock is owned by institutional investors and hedge funds, indicating strong confidence in the company.
• Analysts have recently lowered their price targets for Tourmaline Bio, with a consensus rating of "Hold" and an average target price of $45.65.

Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totaling 1,630,000 shares, a decline of 38.5% from the August 31st total of 2,650,000 shares. Approximately 9.8% of the company's stock are sold short. Based on an average daily volume of 737,500 shares, the days-to-cover ratio is currently 2.2 days. Based on an average daily volume of 737,500 shares, the days-to-cover ratio is currently 2.2 days. Approximately 9.8% of the company's stock are sold short.

Hedge Funds Weigh In On Tourmaline Bio

Institutional investors and hedge funds have recently modified their holdings of the business. Hsbc Holdings PLC acquired a new stake in Tourmaline Bio during the first quarter worth about $158,000. GAMMA Investing LLC grew its stake in Tourmaline Bio by 4,481.7% during the first quarter. GAMMA Investing LLC now owns 7,514 shares of the company's stock worth $114,000 after buying an additional 7,350 shares in the last quarter. SG Americas Securities LLC grew its stake in Tourmaline Bio by 3.9% during the first quarter. SG Americas Securities LLC now owns 36,180 shares of the company's stock worth $550,000 after buying an additional 1,368 shares in the last quarter. Wesbanco Bank Inc. acquired a new stake in Tourmaline Bio during the second quarter worth about $416,000. Finally, American Century Companies Inc. grew its stake in Tourmaline Bio by 54.2% during the first quarter. American Century Companies Inc. now owns 36,018 shares of the company's stock worth $548,000 after buying an additional 12,661 shares in the last quarter. 91.89% of the stock is currently owned by institutional investors and hedge funds.

Tourmaline Bio Stock Performance

TRML stock opened at $47.90 on Friday. The company's 50-day simple moving average is $32.42 and its 200 day simple moving average is $22.02. Tourmaline Bio has a 52 week low of $11.56 and a 52 week high of $48.27. The company has a market capitalization of $1.23 billion, a PE ratio of -13.96 and a beta of 2.27.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported ($0.90) EPS for the quarter, beating the consensus estimate of ($0.94) by $0.04. On average, analysts forecast that Tourmaline Bio will post -3.02 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Truist Financial lowered shares of Tourmaline Bio from a "buy" rating to a "hold" rating and cut their price objective for the stock from $63.00 to $48.00 in a research report on Wednesday, September 10th. Chardan Capital lowered shares of Tourmaline Bio from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $70.00 to $48.00 in a research report on Wednesday, September 10th. Lifesci Capital lowered shares of Tourmaline Bio from an "outperform" rating to a "hold" rating and set a $48.00 price objective on the stock. in a research report on Tuesday, September 9th. Jefferies Financial Group lowered shares of Tourmaline Bio from a "buy" rating to a "hold" rating and cut their price objective for the stock from $64.00 to $47.50 in a research report on Tuesday, September 9th. Finally, Guggenheim reissued a "neutral" rating and issued a $48.00 price objective (down previously from $55.00) on shares of Tourmaline Bio in a research report on Wednesday, September 10th. One investment analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $45.65.

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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