Tourmaline Bio (NASDAQ:TRML) Sees Unusually-High Trading Volume - Still a Buy?

Key Points

• Tourmaline Bio saw a significant increase in trading volume, with 976,034 shares exchanged on Wednesday, marking a 103% rise from the previous session.
• Research analysts have downgraded the stock from previous ratings, with current consensus labeling it a "Hold" with an average price target of $45.65.
• The company reported a quarterly earnings per share (EPS) of ($0.90), beating analysts' expectations, with an anticipated EPS of -$3.02 for the current year.

Shares of Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report) saw strong trading volume on Wednesday . 976,034 shares changed hands during trading, an increase of 103% from the previous session's volume of 480,300 shares.The stock last traded at $47.95 and had previously closed at $47.91.

Wall Street Analyst Weigh In

TRML has been the subject of a number of research reports. Piper Sandler cut Tourmaline Bio from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $65.00 to $48.00 in a report on Thursday, September 11th. Lifesci Capital cut Tourmaline Bio from an "outperform" rating to a "hold" rating and set a $48.00 price objective for the company. in a report on Tuesday, September 9th. BMO Capital Markets cut Tourmaline Bio from an "outperform" rating to a "market perform" rating and upped their price objective for the stock from $35.00 to $48.00 in a report on Monday, September 15th. Jefferies Financial Group cut 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 report on Tuesday, September 9th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Tourmaline Bio in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $45.65.

Tourmaline Bio Stock Performance

The business has a 50 day moving average price of $38.65 and a two-hundred day moving average price of $24.71. The company has a market cap of $1.23 billion, a P/E ratio of -13.98 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 analysts' consensus estimates of ($0.94) by $0.04. As a group, research analysts expect that Tourmaline Bio, Inc. will post -3.02 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of TRML. GAMMA Investing LLC raised its position in Tourmaline Bio by 4,481.7% during the 1st quarter. GAMMA Investing LLC now owns 7,514 shares of the company's stock valued at $114,000 after purchasing an additional 7,350 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of Tourmaline Bio by 13,036.0% in the 1st quarter. Federated Hermes Inc. now owns 121,245 shares of the company's stock valued at $1,844,000 after purchasing an additional 120,322 shares during the period. Vanguard Group Inc. lifted its stake in shares of Tourmaline Bio by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 1,190,810 shares of the company's stock valued at $18,112,000 after purchasing an additional 84,685 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Tourmaline Bio by 2.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 65,850 shares of the company's stock valued at $1,002,000 after purchasing an additional 1,791 shares during the period. Finally, Swiss National Bank lifted its stake in shares of Tourmaline Bio by 11.4% in the 1st quarter. Swiss National Bank now owns 22,400 shares of the company's stock valued at $341,000 after purchasing an additional 2,300 shares during the period. Institutional investors own 91.89% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.