Tourmaline Bio (NASDAQ:TRML) Shares Up 7% - Here's What Happened

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 stock price traded up 7% during trading on Wednesday . The stock traded as high as $25.25 and last traded at $25.23. 203,503 shares were traded during mid-day trading, a decline of 27% from the average session volume of 279,820 shares. The stock had previously closed at $23.57.

Analyst Upgrades and Downgrades

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

Tourmaline Bio Stock Up 12.9%

The firm has a market cap of $775.38 million, a price-to-earnings ratio of -8.80 and a beta of 2.04. The company's fifty day moving average is $21.04 and its 200 day moving average is $17.68.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last announced 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. On average, equities research analysts forecast that Tourmaline Bio, Inc. will post -3.02 EPS for the current fiscal year.

Institutional Trading of Tourmaline Bio

A number of large investors have recently added to or reduced their stakes in the company. QVT Financial LP lifted its stake in Tourmaline Bio by 46.2% in the second quarter. QVT Financial LP now owns 2,154,653 shares of the company's stock valued at $34,453,000 after acquiring an additional 681,284 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Tourmaline Bio by 7.7% in the first 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. Octagon Capital Advisors LP bought a new position in shares of Tourmaline Bio in the first quarter valued at about $13,765,000. Balyasny Asset Management L.P. raised its position in shares of Tourmaline Bio by 2.0% in the second 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 during the period. Finally, Nantahala Capital Management LLC raised its position in shares of Tourmaline Bio by 4.8% in the second 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 during the period. Institutional investors and hedge funds 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.