Tourmaline Bio (NASDAQ:TRML) Trading 6.4% Higher – What’s Next?

Tourmaline Bio, Inc. (NASDAQ:TRML)’s stock price traded up 6.4% on Tuesday . The stock traded as high as $28.62 and last traded at $28.37. 155,784 shares changed hands during trading, a decline of 50% from the average session volume of 314,470 shares. The stock had previously closed at $26.66.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “buy” rating and set a $48.00 price objective 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.com, the company has a consensus rating of “Buy” and a consensus price target of $61.80.

Tourmaline Bio Price Performance

The stock has a market cap of $704.59 million, a price-to-earnings ratio of -4.18 and a beta of 2.37. The business has a fifty day moving average of $18.89 and a 200 day moving average of $17.10.

Tourmaline Bio (NASDAQ:TRML) last posted its earnings results on Thursday, August 8th. The company reported ($0.68) EPS for the quarter, topping the consensus estimate of ($0.72) by $0.04. On average, analysts expect that Tourmaline Bio, Inc. will post -3.12 EPS for the current year.

Insider Buying and Selling

In other news, CEO Sandeep Chidambar Kulkarni purchased 5,221 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were bought at an average price of $13.79 per share, with a total value of $71,997.59. Following the completion of the transaction, the chief executive officer now directly owns 5,221 shares in the company, valued at $71,997.59. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 11.02% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets acquired a new stake in shares of Tourmaline Bio in the first quarter worth $31,000. Quest Partners LLC increased its holdings in shares of Tourmaline Bio by 134.0% during the 2nd quarter. Quest Partners LLC now owns 3,822 shares of the company’s stock worth $49,000 after purchasing an additional 2,189 shares during the period. China Universal Asset Management Co. Ltd. increased its holdings in shares of Tourmaline Bio by 109.5% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 4,939 shares of the company’s stock worth $113,000 after purchasing an additional 2,582 shares during the period. Denali Advisors LLC acquired a new position in shares of Tourmaline Bio during the first quarter valued at about $128,000. Finally, Janus Henderson Group PLC bought a new stake in shares of Tourmaline Bio in the first quarter valued at about $266,000. 91.89% of the stock is owned by institutional investors.

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.