Short Interest in Tourmaline Bio, Inc. (NASDAQ:TRML) Decreases By 20.0%

by · The Cerbat Gem

Tourmaline Bio, Inc. (NASDAQ:TRML – Get Free Report) saw a large drop in short interest in October. As of October 15th, there was short interest totalling 1,520,000 shares, a drop of 20.0% from the September 30th total of 1,900,000 shares. Based on an average trading volume of 202,700 shares, the days-to-cover ratio is currently 7.5 days. Approximately 10.2% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

TRML has been the subject of several research reports. Cantor Fitzgerald raised Tourmaline Bio to a “strong-buy” rating in a report on Tuesday, October 15th. HC Wainwright reaffirmed a “buy” rating and set a $48.00 price target on shares of Tourmaline Bio in a report on Monday, August 12th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $61.00.

View Our Latest Research Report on TRML

Insider Transactions at Tourmaline Bio

In related news, CEO Sandeep Chidambar Kulkarni acquired 5,221 shares of the business’s stock in a transaction dated 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 acquisition, the chief executive officer now owns 5,221 shares in the company, valued at $71,997.59. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 11.02% of the company’s stock.

Institutional Investors Weigh In On Tourmaline Bio

A number of hedge funds and other institutional investors have recently modified their holdings of TRML. Avoro Capital Advisors LLC increased its position in shares of Tourmaline Bio by 155.9% in the first quarter. Avoro Capital Advisors LLC now owns 2,222,222 shares of the company’s stock worth $50,889,000 after purchasing an additional 1,353,815 shares during the period. Jennison Associates LLC bought a new position in shares of Tourmaline Bio in the first quarter worth $25,539,000. Darwin Global Management Ltd. bought a new position in shares of Tourmaline Bio in the first quarter worth $10,648,000. StemPoint Capital LP bought a new position in Tourmaline Bio in the first quarter valued at about $6,280,000. Finally, Blue Owl Capital Holdings LP grew its position in 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 acquiring an additional 268,000 shares during the last quarter. Institutional investors and hedge funds own 91.89% of the company’s stock.

Tourmaline Bio Stock Up 3.2 %

Shares of TRML traded up $0.86 during midday trading on Monday, reaching $27.45. 94,184 shares of the stock were exchanged, compared to its average volume of 308,578. Tourmaline Bio has a twelve month low of $12.12 and a twelve month high of $48.31. The stock’s 50 day simple moving average is $21.98 and its 200 day simple moving average is $17.46.

Tourmaline Bio (NASDAQ:TRML – Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported ($0.68) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.04. On average, equities analysts expect that Tourmaline Bio will post -3.08 EPS for the current year.

Tourmaline Bio Company Profile

(Get Free Report)

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.

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