Tourmaline Bio (NASDAQ:TRML) Sees Unusually-High Trading Volume - Should You Buy?

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) saw strong trading volume on Wednesday . 1,148,876 shares changed hands during 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.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Truist Financial lowered Tourmaline Bio from a "buy" rating to a "hold" rating and reduced their price target for the stock from $63.00 to $48.00 in a report on Wednesday, September 10th. Wedbush lowered 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, September 9th. Piper Sandler lowered shares of Tourmaline Bio from an "overweight" rating to a "hold" rating and reduced their price objective for the company from $65.00 to $48.00 in a report on Thursday. HC Wainwright lowered shares of Tourmaline Bio from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $50.00 to $48.00 in a report on Wednesday, September 10th. Finally, Jefferies Financial Group lowered shares of Tourmaline Bio from a "buy" rating to a "hold" rating and reduced their price objective for the company from $64.00 to $47.50 in a report on Tuesday, September 9th. One equities research analyst has rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $45.65.

Tourmaline Bio Stock Performance

The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -13.89 and a beta of 2.04. The firm has a 50-day simple moving average of $23.54 and a two-hundred day simple moving average of $18.66.

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. As a group, equities analysts forecast that Tourmaline Bio, Inc. will post -3.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Tourmaline Bio

Institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets grew its position in Tourmaline Bio by 34.1% in the 2nd 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 in the last quarter. Tower Research Capital LLC TRC grew its position in Tourmaline Bio by 35.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,214 shares of the company's stock valued at $51,000 after acquiring an additional 846 shares in the last quarter. Brooklyn Investment Group grew its position in shares of Tourmaline Bio by 148.9% during the first quarter. Brooklyn Investment Group now owns 3,923 shares of the company's stock worth $60,000 after buying an additional 2,347 shares in the last quarter. GAMMA Investing LLC grew its position in shares of 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. Finally, Hsbc Holdings PLC acquired a new position in shares of Tourmaline Bio during the first quarter worth about $158,000. 91.89% of the stock is owned by institutional investors and hedge funds.

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.