Tourmaline Bio (NASDAQ:TRML) Stock Price Down 2.1% - Here's What Happened

Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report) traded down 2.1% during trading on Tuesday . The stock traded as low as $18.33 and last traded at $18.56. 113,467 shares changed hands during trading, a decline of 56% from the average session volume of 255,236 shares. The stock had previously closed at $18.96.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Chardan Capital reaffirmed a "buy" rating and set a $70.00 price objective on shares of Tourmaline Bio in a research note on Monday, May 5th. HC Wainwright reaffirmed a "buy" rating and set a $50.00 price objective on shares of Tourmaline Bio in a research note on Monday, May 5th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $49.33.

Tourmaline Bio Stock Performance

The company has a market cap of $474.57 million, a price-to-earnings ratio of -5.76 and a beta of 2.00. The company's fifty day moving average is $17.15 and its two-hundred day moving average is $16.24.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The company reported ($0.89) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.91) by $0.02. On average, sell-side analysts anticipate that Tourmaline Bio, Inc. will post -3.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Octagon Capital Advisors LP purchased a new position in Tourmaline Bio during the first quarter worth about $13,765,000. QVT Financial LP lifted its position in Tourmaline Bio by 107.1% during the first quarter. QVT Financial LP now owns 1,473,369 shares of the company's stock worth $22,410,000 after buying an additional 762,094 shares during the period. Adage Capital Partners GP L.L.C. purchased a new position in Tourmaline Bio during the fourth quarter worth about $12,168,000. Pictet Asset Management Holding SA lifted its position in Tourmaline Bio by 69.9% during the fourth quarter. Pictet Asset Management Holding SA now owns 419,883 shares of the company's stock worth $8,515,000 after buying an additional 172,743 shares during the period. Finally, Federated Hermes Inc. lifted its position in Tourmaline Bio by 13,036.0% during the first quarter. Federated Hermes Inc. now owns 121,245 shares of the company's stock worth $1,844,000 after buying an additional 120,322 shares during the period. Institutional investors and hedge funds 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.