Short Interest in Tourmaline Bio, Inc. (NASDAQ:TRML) Increases By 26.8%

Tourmaline Bio, Inc. (NASDAQ:TRML) was the target of a significant increase in short interest during the month of January. As of January 15th, there was short interest totalling 2,080,000 shares, an increase of 26.8% from the December 31st total of 1,640,000 shares. Currently, 13.8% of the shares of the stock are sold short. Based on an average daily volume of 197,500 shares, the days-to-cover ratio is currently 10.5 days.

Institutional Investors Weigh In On Tourmaline Bio

Hedge funds have recently added to or reduced their stakes in the stock. Brooklyn Investment Group bought a new position in Tourmaline Bio in the 4th quarter worth about $32,000. China Universal Asset Management Co. Ltd. grew its holdings in shares of Tourmaline Bio by 63.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 4,932 shares of the company’s stock valued at $127,000 after buying an additional 1,920 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Tourmaline Bio during the third quarter valued at approximately $226,000. Quest Partners LLC raised its holdings in Tourmaline Bio by 145.4% in the 3rd quarter. Quest Partners LLC now owns 9,381 shares of the company’s stock worth $241,000 after acquiring an additional 5,559 shares during the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in Tourmaline Bio during the 3rd quarter valued at $357,000. 91.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on TRML shares. BMO Capital Markets assumed coverage on shares of Tourmaline Bio in a report on Friday, December 6th. They set an “outperform” rating and a $50.00 price objective for the company. Guggenheim reiterated a “buy” rating on shares of Tourmaline Bio in a research report on Wednesday, December 11th. HC Wainwright restated a “buy” rating and issued a $49.00 target price on shares of Tourmaline Bio in a research report on Wednesday, December 11th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $25.00 target price on shares of Tourmaline Bio in a report on Wednesday, December 11th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $54.00.

Tourmaline Bio Trading Down 2.1 %

Tourmaline Bio stock traded down $0.34 on Friday, hitting $16.06. 326,923 shares of the stock traded hands, compared to its average volume of 236,051. The business’s fifty day simple moving average is $21.10 and its 200 day simple moving average is $21.07. The firm has a market cap of $411.78 million, a P/E ratio of -5.70 and a beta of 2.36. Tourmaline Bio has a 1 year low of $12.12 and a 1 year high of $48.31.

Tourmaline Bio (NASDAQ:TRML) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.78) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.06. As a group, analysts predict that Tourmaline Bio will post -2.99 earnings per share for the current year.

Tourmaline Bio Company Profile

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.