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

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

Tourmaline Bio Price Performance

NASDAQ:TRML traded down $0.29 during trading hours on Thursday, reaching $17.95. 156,092 shares of the stock were exchanged, compared to its average volume of 192,412. Tourmaline Bio has a twelve month low of $12.12 and a twelve month high of $48.31. The firm has a 50 day moving average of $22.98 and a 200 day moving average of $20.82. The stock has a market cap of $460.24 million, a PE ratio of -6.37 and a beta of 2.36.

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

Institutional Investors Weigh In On Tourmaline Bio

Hedge funds have recently bought and sold shares of the company. Blue Owl Capital Holdings LP lifted its position in shares of 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 buying an additional 268,000 shares during the last quarter. Jennison Associates LLC lifted its holdings in Tourmaline Bio by 2.2% during the 3rd quarter. Jennison Associates LLC now owns 1,151,973 shares of the company’s stock valued at $29,617,000 after purchasing an additional 24,282 shares during the last quarter. Geode Capital Management LLC boosted its position in Tourmaline Bio by 6.4% during the third quarter. Geode Capital Management LLC now owns 482,078 shares of the company’s stock worth $12,396,000 after purchasing an additional 29,005 shares during the period. State Street Corp increased its holdings in shares of Tourmaline Bio by 25.6% in the third quarter. State Street Corp now owns 411,980 shares of the company’s stock valued at $10,592,000 after purchasing an additional 83,949 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of Tourmaline Bio in the third quarter valued at about $8,701,000. 91.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TRML has been the topic of a number of recent analyst reports. 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 reissued a “buy” rating and issued a $49.00 target price on shares of Tourmaline Bio in a research note on Wednesday, December 11th. BMO Capital Markets began coverage on Tourmaline Bio in a report on Friday, December 6th. They issued an “outperform” rating and a $50.00 price target on the stock. Finally, Guggenheim reissued a “buy” rating on shares of Tourmaline Bio in a research note on Wednesday, December 11th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Tourmaline Bio has an average rating of “Buy” and a consensus price target of $54.00.

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.