Tourmaline Bio (NASDAQ:TRML) Stock Price Down 3.9% – Time to Sell?

Tourmaline Bio, Inc. (NASDAQ:TRML) shares were down 3.9% during mid-day trading on Tuesday . The stock traded as low as $20.02 and last traded at $20.46. Approximately 15,772 shares traded hands during trading, a decline of 95% from the average daily volume of 290,660 shares. The stock had previously closed at $21.30.

Wall Street Analyst Weigh In

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

Tourmaline Bio Stock Down 0.9 %

The company’s 50 day simple moving average is $25.34 and its 200-day simple moving average is $20.22. The firm has a market cap of $541.32 million, a P/E ratio of -7.49 and a beta of 2.32.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Quest Partners LLC increased its position in shares of Tourmaline Bio by 134.0% during the second quarter. Quest Partners LLC now owns 3,822 shares of the company’s stock worth $49,000 after acquiring an additional 2,189 shares during the period. China Universal Asset Management Co. Ltd. increased its holdings in Tourmaline Bio by 63.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 4,932 shares of the company’s stock worth $127,000 after purchasing an additional 1,920 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in shares of Tourmaline Bio in the 3rd quarter worth $226,000. MetLife Investment Management LLC bought a new position in shares of Tourmaline Bio during the 3rd quarter worth $357,000. Finally, Rhumbline Advisers increased its stake in shares of Tourmaline Bio by 28,554.3% during the second quarter. Rhumbline Advisers now owns 33,239 shares of the company’s stock valued at $427,000 after buying an additional 33,123 shares during the period. Hedge funds and other 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.