Tourmaline Bio (NASDAQ:TRML) Stock Price Down 4.3% – Here’s What Happened

Tourmaline Bio, Inc. (NASDAQ:TRML) dropped 4.3% during mid-day trading on Wednesday . The stock traded as low as $27.13 and last traded at $27.26. Approximately 68,351 shares changed hands during trading, a decline of 78% from the average daily volume of 313,635 shares. The stock had previously closed at $28.49.

Wall Street Analysts Forecast Growth

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

Tourmaline Bio Stock Down 8.5 %

The firm has a market cap of $644.85 million, a price-to-earnings ratio of -6.83 and a beta of 2.37. The company has a 50-day moving average price of $19.11 and a 200 day moving average price of $17.17.

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

Insider Buying and Selling at Tourmaline Bio

In related news, CEO Sandeep Chidambar Kulkarni bought 5,221 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was bought at an average price of $13.79 per share, with a total value of $71,997.59. Following the purchase, 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 can be accessed through the SEC website. Company insiders own 11.02% of the company’s stock.

Institutional Investors Weigh In On Tourmaline Bio

Several large investors have recently made changes to their positions in the company. Great Point Partners LLC bought a new position in Tourmaline Bio during the fourth quarter valued at about $17,616,000. Vanguard Group Inc. boosted its position in Tourmaline Bio by 19.7% during the first quarter. Vanguard Group Inc. now owns 914,519 shares of the company’s stock worth $20,942,000 after purchasing an additional 150,767 shares during the period. Swiss National Bank acquired a new position in Tourmaline Bio during the first quarter valued at approximately $733,000. Blue Owl Capital Holdings LP raised its position in shares of Tourmaline Bio by 18.5% in the second quarter. Blue Owl Capital Holdings LP now owns 1,715,401 shares of the company’s stock valued at $22,060,000 after purchasing an additional 268,000 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in shares of Tourmaline Bio during the 2nd quarter worth $909,000. 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.