Short Interest in Tourmaline Bio, Inc. (NASDAQ:TRML) Expands By 20.9%

Tourmaline Bio, Inc. (NASDAQ:TRML) was the recipient of a significant growth in short interest in April. As of April 15th, there was short interest totalling 1,790,000 shares, a growth of 20.9% from the March 31st total of 1,480,000 shares. Approximately 11.6% of the company’s stock are short sold. Based on an average trading volume of 438,000 shares, the days-to-cover ratio is currently 4.1 days.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on TRML shares. Jefferies Financial Group lifted their price objective on Tourmaline Bio from $41.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Truist Financial restated a “buy” rating and issued a $74.00 price objective on shares of Tourmaline Bio in a report on Monday, March 25th. Finally, HC Wainwright restated a “buy” rating and issued a $48.00 price objective on shares of Tourmaline Bio in a report on Wednesday, March 20th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $61.80.

Hedge Funds Weigh In On Tourmaline Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Denali Advisors LLC purchased a new stake in shares of Tourmaline Bio during the first quarter worth about $128,000. Jump Financial LLC purchased a new stake in shares of Tourmaline Bio during the fourth quarter worth about $380,000. Affinity Asset Advisors LLC purchased a new stake in shares of Tourmaline Bio during the fourth quarter worth about $1,782,000. BML Capital Management LLC purchased a new stake in shares of Tourmaline Bio during the fourth quarter worth about $6,427,000. Finally, RTW Investments LP purchased a new stake in shares of Tourmaline Bio during the fourth quarter worth about $10,442,000. Hedge funds and other institutional investors own 91.89% of the company’s stock.

Tourmaline Bio Stock Performance

TRML opened at $15.68 on Monday. The company has a 50-day moving average of $29.58. Tourmaline Bio has a 1 year low of $9.18 and a 1 year high of $48.31.

Tourmaline Bio (NASDAQ:TRML) last posted its earnings results on Tuesday, March 19th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.75) by ($0.06). Sell-side analysts predict that Tourmaline Bio will post -2.9 EPS for the current fiscal year.

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.