Tourmaline Bio, Inc. (NASDAQ:TRML) Sees Large Decline in Short Interest

Tourmaline Bio, Inc. (NASDAQ:TRML) was the recipient of a significant decrease in short interest in September. As of September 15th, there was short interest totaling 1,630,000 shares, a decrease of 38.5% from the August 31st total of 2,650,000 shares. Currently, 9.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 737,500 shares, the short-interest ratio is currently 2.2 days. Based on an average daily trading volume, of 737,500 shares, the short-interest ratio is currently 2.2 days. Currently, 9.8% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

TRML has been the subject of a number of research reports. Piper Sandler cut shares of Tourmaline Bio from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $65.00 to $48.00 in a report on Thursday, September 11th. Jefferies Financial Group cut shares of Tourmaline Bio from a “buy” rating to a “hold” rating and dropped their target price for the stock from $64.00 to $47.50 in a report on Tuesday, September 9th. Lifesci Capital cut shares of Tourmaline Bio from an “outperform” rating to a “hold” rating and set a $48.00 target price for the company. in a report on Tuesday, September 9th. HC Wainwright cut shares of Tourmaline Bio from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $50.00 to $48.00 in a report on Wednesday, September 10th. Finally, Guggenheim reissued a “neutral” rating and issued a $48.00 target price (down previously from $55.00) on shares of Tourmaline Bio in a report on Wednesday, September 10th. One analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $45.65.

Tourmaline Bio Stock Up 0.1%

Shares of TRML stock opened at $47.90 on Friday. The company has a market cap of $1.23 billion, a price-to-earnings ratio of -13.96 and a beta of 2.27. Tourmaline Bio has a 52 week low of $11.56 and a 52 week high of $48.27. The firm has a 50 day moving average of $32.42 and a 200-day moving average of $22.02.

Tourmaline Bio (NASDAQ:TRML) last announced its quarterly earnings data on Wednesday, August 13th. The company reported ($0.90) EPS for the quarter, topping the consensus estimate of ($0.94) by $0.04. Analysts anticipate that Tourmaline Bio will post -3.02 earnings per share for the current year.

Institutional Trading of Tourmaline Bio

Large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its position in shares of Tourmaline Bio by 34.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,103 shares of the company’s stock worth $34,000 after buying an additional 535 shares during the period. Tower Research Capital LLC TRC grew its position in Tourmaline Bio by 35.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,214 shares of the company’s stock valued at $51,000 after purchasing an additional 846 shares during the period. Brooklyn Investment Group grew its position in Tourmaline Bio by 148.9% in the 1st quarter. Brooklyn Investment Group now owns 3,923 shares of the company’s stock valued at $60,000 after purchasing an additional 2,347 shares during the period. GAMMA Investing LLC grew its position in Tourmaline Bio by 4,481.7% in the 1st quarter. GAMMA Investing LLC now owns 7,514 shares of the company’s stock valued at $114,000 after purchasing an additional 7,350 shares during the period. Finally, Hsbc Holdings PLC acquired a new stake in Tourmaline Bio in the 1st quarter valued at $158,000. 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.