Tourmaline Bio (NASDAQ:TRML) Trading 7% Higher - What's Next?

Key Points

• Tourmaline Bio's stock surged 7% to $25.23 on Wednesday, despite a decrease in trading volume by 27% compared to its average.
• Analysts are optimistic, with a consensus rating of "Buy" and an average target price of $50.14 for the stock, supported by reissued buy ratings from Chardan Capital and Guggenheim.
• Institutional investors hold 91.89% of Tourmaline Bio's stock, with QVT Financial LP significantly increasing its stake by 46.2% in the last quarter.

Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report)'s share price shot up 7% during trading on Wednesday . The stock traded as high as $25.25 and last traded at $25.23. 203,503 shares traded hands during trading, a decline of 27% from the average session volume of 279,820 shares. The stock had previously closed at $23.57.

Analyst Ratings Changes

A number of analysts recently issued reports on TRML shares. Chardan Capital reissued a "buy" rating and set a $70.00 price target on shares of Tourmaline Bio in a report on Thursday, August 14th. Guggenheim reissued a "buy" rating and issued a $55.00 target price on shares of Tourmaline Bio in a research note on Thursday, August 14th. Seven equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $50.14.

Tourmaline Bio Price Performance

The company has a market capitalization of $645.08 million, a PE ratio of -7.32 and a beta of 2.04. The stock's 50 day simple moving average is $20.22 and its 200-day simple moving average is $17.26.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The company reported ($0.90) EPS for the quarter, beating analysts' consensus estimates of ($0.94) by $0.04. On average, equities analysts predict that Tourmaline Bio, Inc. will post -3.02 earnings per share for the current year.

Institutional Investors Weigh In On Tourmaline Bio

A number of hedge funds have recently added to or reduced their stakes in TRML. QVT Financial LP boosted its holdings in Tourmaline Bio by 46.2% during the second quarter. QVT Financial LP now owns 2,154,653 shares of the company's stock worth $34,453,000 after buying an additional 681,284 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Tourmaline Bio by 7.7% during the 1st quarter. Vanguard Group Inc. now owns 1,190,810 shares of the company's stock worth $18,112,000 after acquiring an additional 84,685 shares in the last quarter. Octagon Capital Advisors LP acquired a new stake in shares of Tourmaline Bio in the 1st quarter worth approximately $13,765,000. Balyasny Asset Management L.P. increased its stake in Tourmaline Bio by 2.0% in the 2nd quarter. Balyasny Asset Management L.P. now owns 604,561 shares of the company's stock valued at $9,667,000 after purchasing an additional 11,586 shares in the last quarter. Finally, Nantahala Capital Management LLC increased its stake in Tourmaline Bio by 4.8% in the 2nd quarter. Nantahala Capital Management LLC now owns 558,187 shares of the company's stock valued at $8,925,000 after purchasing an additional 25,363 shares in the last quarter. 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.

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