Tourmaline Bio (NASDAQ:TRML) Trading 7% Higher - Time to Buy?

Key Points

• Tourmaline Bio shares increased by 7% during mid-day trading, reaching a high of $20.06, despite a 55% decline in trading volume compared to the average.
• Analysts have issued strong ratings for the stock, with a consensus target price of $49.33 based on multiple "buy" ratings from various firms.
• The latest quarterly earnings report showed a loss of ($0.89) EPS, slightly beating analyst expectations of ($0.91).
• Institutional investors hold a significant share of Tourmaline Bio, with 91.89% of the company's stock owned by them, indicating strong confidence in the company.

Shares of Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report) rose 7% during mid-day trading on Friday . The stock traded as high as $19.33 and last traded at $20.06. Approximately 133,139 shares traded hands during trading, a decline of 55% from the average daily volume of 297,181 shares. The stock had previously closed at $18.75.

Analysts Set New Price Targets

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

Tourmaline Bio Stock Up 7.1%

The stock's fifty day moving average is $17.40 and its two-hundred day moving average is $16.18. The firm has a market capitalization of $515.91 million, a price-to-earnings ratio of -6.26 and a beta of 2.00.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last issued its quarterly earnings results 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. As a group, analysts anticipate that Tourmaline Bio, Inc. will post -3.02 EPS for the current year.

Hedge Funds Weigh In On Tourmaline Bio

Several hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC lifted its position in shares of Tourmaline Bio by 297.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,646 shares of the company's stock worth $33,000 after acquiring an additional 1,232 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in Tourmaline Bio during the fourth quarter worth about $47,000. Brooklyn Investment Group grew its position in Tourmaline Bio by 148.9% during the 1st quarter. Brooklyn Investment Group now owns 3,923 shares of the company's stock valued at $60,000 after purchasing an additional 2,347 shares during the last quarter. Virtus ETF Advisers LLC purchased a new position in Tourmaline Bio in the 4th quarter worth about $64,000. Finally, GAMMA Investing LLC grew its stake in shares of Tourmaline Bio by 4,481.7% in the first quarter. GAMMA Investing LLC now owns 7,514 shares of the company's stock worth $114,000 after acquiring an additional 7,350 shares during the period. Institutional investors own 91.89% of the company's stock.

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.

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