Tourmaline Bio (NASDAQ:TRML) Shares Down 4.6% - Here's What Happened

Key Points

• Tourmaline Bio's stock fell 4.6% with a trading price around $20.75, significantly below its previous closing price of $21.76, and noted a drastic decrease in trading volume.
• Brokerage reports show a consensus rating of "Buy" for Tourmaline Bio, with price targets ranging from $50.00 to $70.00.
• Institutional investors hold 91.89% of the company's stock, indicating strong institutional interest in Tourmaline Bio's shares.

Shares of Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report) dropped 4.6% during mid-day trading on Monday . The stock traded as low as $20.88 and last traded at $20.75. Approximately 14,591 shares changed hands during trading, a decline of 95% from the average daily volume of 298,638 shares. The stock had previously closed at $21.76.

Wall Street Analyst Weigh In

TRML has been the topic of a number of research analyst reports. HC Wainwright reiterated a "buy" rating and set a $50.00 target price on shares of Tourmaline Bio in a research report on Monday, May 5th. 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. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $49.33.

Tourmaline Bio Price Performance

The firm has a market cap of $531.94 million, a price-to-earnings ratio of -6.45 and a beta of 2.04. The business's 50-day moving average price is $18.63 and its two-hundred day moving average price is $16.38.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC boosted its stake in Tourmaline Bio by 297.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,646 shares of the company's stock worth $33,000 after buying an additional 1,232 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Tourmaline Bio during the fourth quarter valued at about $47,000. Brooklyn Investment Group raised its holdings in shares of Tourmaline Bio by 148.9% in the 1st quarter. Brooklyn Investment Group now owns 3,923 shares of the company's stock worth $60,000 after purchasing an additional 2,347 shares during the period. Virtus ETF Advisers LLC acquired a new position in shares of Tourmaline Bio in the 4th quarter valued at about $64,000. Finally, GAMMA Investing LLC grew its holdings in shares of Tourmaline Bio by 4,481.7% during the 1st quarter. GAMMA Investing LLC now owns 7,514 shares of the company's stock worth $114,000 after purchasing an additional 7,350 shares during the period. Hedge funds and other institutional investors 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.