Tourmaline Bio (NASDAQ:TRML) Hits New 52-Week High - Still a Buy?

Key Points

• Tourmaline Bio's stock reached a new 52-week high of $30.21 amidst trading, closing at $28.55 with a trading volume of 275,192 shares.
• Wall Street analysts maintain a consensus "Buy" rating for the stock, with target prices ranging from $55.00 to $70.00, and an average price target of $50.14.
• Institutional investors hold a significant stake in Tourmaline Bio, with approximately 91.89% of shares owned by these investors and hedge funds.

Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $30.21 and last traded at $28.55, with a volume of 275192 shares. The stock had previously closed at $26.74.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on TRML shares. Chardan Capital restated a "buy" rating and issued a $70.00 target price on shares of Tourmaline Bio in a report on Thursday, August 14th. Guggenheim restated a "buy" rating and issued a $55.00 target price on shares of Tourmaline Bio in a report on Thursday, August 14th. Seven research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $50.14.

Tourmaline Bio Trading Up 5.9%

The business's 50-day moving average price is $20.75 and its 200-day moving average price is $17.56. The stock has a market cap of $727.80 million, a PE ratio of -8.29 and a beta of 2.04.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last released its earnings results on Wednesday, August 13th. The company reported ($0.90) EPS for the quarter, topping analysts' consensus estimates of ($0.94) by $0.04. As a group, analysts predict that Tourmaline Bio, Inc. will post -3.02 earnings per share for the current year.

Institutional Trading of Tourmaline Bio

Institutional investors have recently bought and sold shares of the stock. QVT Financial LP lifted its stake in Tourmaline Bio by 46.2% during the 2nd quarter. QVT Financial LP now owns 2,154,653 shares of the company's stock valued at $34,453,000 after acquiring an additional 681,284 shares during the period. Vanguard Group Inc. lifted its stake in Tourmaline Bio by 7.7% during the 1st quarter. Vanguard Group Inc. now owns 1,190,810 shares of the company's stock valued at $18,112,000 after acquiring an additional 84,685 shares during the period. Octagon Capital Advisors LP acquired a new stake in Tourmaline Bio during the 1st quarter valued at approximately $13,765,000. Balyasny Asset Management L.P. lifted its stake in Tourmaline Bio by 2.0% during the 2nd quarter. Balyasny Asset Management L.P. now owns 604,561 shares of the company's stock valued at $9,667,000 after acquiring an additional 11,586 shares during the period. Finally, Nantahala Capital Management LLC lifted its stake in Tourmaline Bio by 4.8% during the 2nd quarter. Nantahala Capital Management LLC now owns 558,187 shares of the company's stock valued at $8,925,000 after acquiring an additional 25,363 shares during the period. 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.

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