Tourmaline Bio (NASDAQ:TRML) Trading 7% Higher - Still a 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.

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

Wall Street Analysts Forecast Growth

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

Tourmaline Bio Trading Up 0.4%

The stock has a market capitalization of $582.68 million, a P/E ratio of -7.07 and a beta of 2.00. The firm's fifty day moving average is $17.71 and its 200-day moving average is $16.19.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last announced its earnings results on Friday, May 2nd. The company reported ($0.89) earnings per share for the quarter, topping analysts' consensus estimates of ($0.91) by $0.02. Equities research analysts expect that Tourmaline Bio, Inc. will post -3.02 EPS for the current year.

Hedge Funds Weigh In On Tourmaline Bio

A number of institutional investors have recently modified their holdings of TRML. Swiss National Bank bought a new position in shares of Tourmaline Bio in the fourth quarter worth about $408,000. American Century Companies Inc. acquired a new stake in shares of Tourmaline Bio during the 4th quarter worth approximately $474,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Tourmaline Bio during the 4th quarter worth approximately $47,000. Vanguard Group Inc. grew its position in shares of Tourmaline Bio by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 1,106,125 shares of the company's stock worth $22,432,000 after buying an additional 43,652 shares during the period. Finally, Pictet Asset Management Holding SA grew its position in shares of Tourmaline Bio by 69.9% during the 4th 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. 91.89% of the stock is owned by institutional investors.

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.