Tourmaline Bio, Inc. (NASDAQ:TRML) Short Interest Down 39.7% in September

Tourmaline Bio, Inc. (NASDAQ:TRML) was the recipient of a significant decrease in short interest in September. As of September 30th, there was short interest totaling 982,600 shares, a decrease of 39.7% from the September 15th total of 1,630,000 shares. Based on an average daily trading volume, of 794,300 shares, the days-to-cover ratio is presently 1.2 days. Currently, 5.9% of the company’s stock are sold short. Currently, 5.9% of the company’s stock are sold short. Based on an average daily trading volume, of 794,300 shares, the days-to-cover ratio is presently 1.2 days.

Institutional Investors Weigh In On Tourmaline Bio

Several hedge funds and other institutional investors have recently bought and sold shares of TRML. QVT Financial LP increased its position in shares of Tourmaline Bio by 46.2% during the 2nd quarter. QVT Financial LP now owns 2,154,653 shares of the company’s stock valued at $34,453,000 after purchasing an additional 681,284 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Tourmaline Bio by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 1,190,810 shares of the company’s stock worth $18,112,000 after buying an additional 84,685 shares during the period. Octagon Capital Advisors LP purchased a new stake in shares of Tourmaline Bio during the first quarter valued at approximately $13,765,000. Balyasny Asset Management L.P. boosted its holdings in shares of Tourmaline Bio by 2.0% in the second quarter. Balyasny Asset Management L.P. now owns 604,561 shares of the company’s stock worth $9,667,000 after buying an additional 11,586 shares during the last quarter. Finally, Nantahala Capital Management LLC lifted its position in shares of Tourmaline Bio by 4.8% in the second quarter. Nantahala Capital Management LLC now owns 558,187 shares of the company’s stock valued at $8,925,000 after acquiring an additional 25,363 shares in the last quarter. 91.89% of the stock is owned by institutional investors.

Tourmaline Bio Stock Up 0.1%

Shares of Tourmaline Bio stock opened at $47.93 on Tuesday. The stock has a market capitalization of $1.23 billion, a P/E ratio of -13.97 and a beta of 2.27. The company has a 50-day simple moving average of $38.13 and a 200 day simple moving average of $24.54. Tourmaline Bio has a 12-month low of $11.56 and a 12-month high of $48.27.

Tourmaline Bio (NASDAQ:TRML) last announced its quarterly earnings results on Wednesday, August 13th. The company reported ($0.90) EPS for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.04. On average, equities analysts anticipate that Tourmaline Bio will post -3.02 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on TRML shares. HC Wainwright lowered 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 research report on Wednesday, September 10th. Guggenheim reissued a “neutral” rating and set a $48.00 target price (down from $55.00) on shares of Tourmaline Bio in a research note on Wednesday, September 10th. Piper Sandler downgraded Tourmaline Bio from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $65.00 to $48.00 in a research report on Thursday, September 11th. BMO Capital Markets cut Tourmaline Bio from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $35.00 to $48.00 in a report on Monday, September 15th. Finally, Jefferies Financial Group downgraded Tourmaline Bio from a “buy” rating to a “hold” rating and reduced their target price for the company from $64.00 to $47.50 in a report on Tuesday, September 9th. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $45.65.

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.