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

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

Analyst Ratings Changes

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

Tourmaline Bio Stock Down 2.0 %

TRML opened at $15.68 on Monday. The stock 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 quarterly 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 forecast that Tourmaline Bio will post -2.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tourmaline Bio

Hedge funds have recently bought and sold shares of the business. BML Capital Management LLC purchased a new position in Tourmaline Bio in the 4th quarter worth about $6,427,000. Denali Advisors LLC purchased a new position in Tourmaline Bio in the 1st quarter worth about $128,000. Great Point Partners LLC purchased a new position in Tourmaline Bio in the 4th quarter worth about $17,616,000. Braidwell LP purchased a new position in Tourmaline Bio in the 4th quarter worth about $23,741,000. Finally, Avoro Capital Advisors LLC purchased a new position in Tourmaline Bio in the 4th quarter worth about $22,735,000. 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.