Tourmaline Bio (NASDAQ:TRML) Trading Up 7.2% - Here's What Happened

Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report) was up 7.2% during mid-day trading on Thursday . The company traded as high as $20.17 and last traded at $20.08. Approximately 96,834 shares changed hands during trading, a decline of 65% from the average daily volume of 273,927 shares. The stock had previously closed at $18.73.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on TRML shares. Wedbush raised their price target on Tourmaline Bio from $42.00 to $43.00 and gave the stock an "outperform" rating in a report on Friday, March 14th. Lifesci Capital started coverage on Tourmaline Bio in a report on Monday, February 24th. They set an "outperform" rating and a $58.00 price target on the stock. Chardan Capital reissued a "buy" rating and set a $70.00 price target on shares of Tourmaline Bio in a report on Monday, May 5th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $50.00 price objective on shares of Tourmaline Bio in a report on Monday, May 5th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Tourmaline Bio has a consensus rating of "Buy" and an average target price of $49.33.

Tourmaline Bio Trading Up 2.0%

The stock has a fifty day simple moving average of $15.58 and a two-hundred day simple moving average of $17.32. The company has a market cap of $494.95 million, a PE ratio of -6.83 and a beta of 2.04.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The company reported ($0.89) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.91) by $0.02. As a group, equities research analysts anticipate that Tourmaline Bio, Inc. will post -3.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Tourmaline Bio

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers boosted its position in shares of Tourmaline Bio by 2.1% in the 4th quarter. Rhumbline Advisers now owns 35,591 shares of the company's stock worth $722,000 after buying an additional 718 shares in the last quarter. Invesco Ltd. raised its position in Tourmaline Bio by 10.8% during the fourth quarter. Invesco Ltd. now owns 12,155 shares of the company's stock worth $247,000 after acquiring an additional 1,181 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Tourmaline Bio by 297.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,646 shares of the company's stock valued at $33,000 after purchasing an additional 1,232 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Tourmaline Bio by 3.9% in the first quarter. SG Americas Securities LLC now owns 36,180 shares of the company's stock valued at $550,000 after purchasing an additional 1,368 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Tourmaline Bio by 12.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,378 shares of the company's stock valued at $291,000 after purchasing an additional 1,598 shares during the last quarter. 91.89% of the stock is currently owned by institutional investors and hedge funds.

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.