Tourmaline Bio (NASDAQ:TRML) Sees Strong Trading Volume - Here's What Happened

Key Points

• Tourmaline Bio's shares experienced a significant trading volume increase, with 1,148,876 shares traded—up 174% from the previous session's 419,600 shares.
• Analysts have downgraded their price targets for Tourmaline Bio, with Jefferies setting a new target at $47.50 and several others aligning at $48.00, indicating a general consensus rating of "Hold".
• The company reported a quarterly earnings per share of ($0.90), surpassing the consensus estimate of ($0.94), while expected earnings for the current year are projected at -3.02 per share.

Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report) shares saw strong trading volume on Wednesday . 1,148,876 shares were traded during mid-day trading, an increase of 174% from the previous session's volume of 419,600 shares.The stock last traded at $47.58 and had previously closed at $47.64.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on TRML shares. Jefferies Financial Group reissued a "hold" rating and issued a $47.50 price objective (down from $64.00) on shares of Tourmaline Bio in a research note on Tuesday. Guggenheim restated a "neutral" rating and set a $48.00 price target (down from $55.00) on shares of Tourmaline Bio in a research note on Wednesday. Wedbush lowered shares of Tourmaline Bio from an "outperform" rating to a "neutral" rating and set a $48.00 price target on the stock. in a report on Tuesday. Truist Financial reissued a "hold" rating and set a $48.00 price target (down previously from $63.00) on shares of Tourmaline Bio in a research report on Wednesday. Finally, Lifesci Capital reiterated a "market perform" rating and issued a $48.00 price target on shares of Tourmaline Bio in a research report on Tuesday. Two research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Tourmaline Bio presently has a consensus rating of "Hold" and a consensus price target of $45.61.

Tourmaline Bio Stock Performance

The business's 50 day moving average price is $21.67 and its 200 day moving average price is $17.89. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of -13.88 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) earnings per share for the quarter, beating the consensus estimate of ($0.94) by $0.04. Sell-side analysts anticipate that Tourmaline Bio, Inc. will post -3.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tourmaline Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in TRML. BNP Paribas Financial Markets grew its stake in Tourmaline Bio by 34.1% in the second quarter. BNP Paribas Financial Markets now owns 2,103 shares of the company's stock valued at $34,000 after acquiring an additional 535 shares during the period. Tower Research Capital LLC TRC lifted its stake in Tourmaline Bio by 35.7% during the second quarter. Tower Research Capital LLC TRC now owns 3,214 shares of the company's stock worth $51,000 after purchasing an additional 846 shares during the last quarter. Tower Research Capital LLC TRC raised its position in 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 purchasing an additional 1,232 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Tourmaline Bio by 3.9% in the 1st quarter. SG Americas Securities LLC now owns 36,180 shares of the company's stock worth $550,000 after acquiring an additional 1,368 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Tourmaline Bio by 12.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,378 shares of the company's stock valued at $291,000 after purchasing an additional 1,598 shares during the last quarter. 91.89% of the stock is owned by hedge funds and other institutional investors.

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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