Tourmaline Bio (NASDAQ:TRML) Shares Gap Down – Here’s Why

Shares of Tourmaline Bio, Inc. (NASDAQ:TRML) gapped down prior to trading on Friday . The stock had previously closed at $27.48, but opened at $25.52. Tourmaline Bio shares last traded at $26.55, with a volume of 93,988 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reaffirmed a “buy” rating and set a $48.00 target price on shares of Tourmaline Bio in a research report on Monday, August 12th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Tourmaline Bio currently has a consensus rating of “Buy” and an average target price of $61.80.

Tourmaline Bio Stock Down 6.5 %

The company has a 50-day moving average price of $19.11 and a 200-day moving average price of $17.17. The company has a market capitalization of $658.95 million, a price-to-earnings ratio of -7.03 and a beta of 2.37.

Tourmaline Bio (NASDAQ:TRML) last released its earnings results on Thursday, August 8th. The company reported ($0.68) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.04. Equities analysts expect that Tourmaline Bio, Inc. will post -3.12 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Sandeep Chidambar Kulkarni purchased 5,221 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were bought at an average cost of $13.79 per share, for a total transaction of $71,997.59. Following the transaction, the chief executive officer now directly owns 5,221 shares of the company’s stock, valued at approximately $71,997.59. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 11.02% of the stock is currently owned by insiders.

Institutional Trading of Tourmaline Bio

Institutional investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC bought a new position in Tourmaline Bio in the second quarter worth $487,000. Algert Global LLC raised its stake in shares of Tourmaline Bio by 122.7% in the 2nd quarter. Algert Global LLC now owns 39,866 shares of the company’s stock valued at $513,000 after buying an additional 21,965 shares in the last quarter. Blue Owl Capital Holdings LP lifted its holdings in shares of Tourmaline Bio by 18.5% during the 2nd quarter. Blue Owl Capital Holdings LP now owns 1,715,401 shares of the company’s stock worth $22,060,000 after acquiring an additional 268,000 shares during the period. Marshall Wace LLP boosted its position in shares of Tourmaline Bio by 22.3% during the 2nd quarter. Marshall Wace LLP now owns 170,447 shares of the company’s stock valued at $2,192,000 after acquiring an additional 31,029 shares in the last quarter. Finally, HighVista Strategies LLC increased its stake in Tourmaline Bio by 57.2% in the second quarter. HighVista Strategies LLC now owns 83,397 shares of the company’s stock valued at $1,072,000 after acquiring an additional 30,345 shares during the period. 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.