Tourmaline Bio, Inc. (NASDAQ:TRML) Short Interest Up 20.9% in April

Tourmaline Bio, Inc. (NASDAQ:TRML) saw a large growth in short interest in the month of 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. Based on an average daily volume of 438,000 shares, the days-to-cover ratio is presently 4.1 days. Currently, 11.6% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

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

Tourmaline Bio Price Performance

Shares of NASDAQ:TRML traded up $0.15 during midday trading on Tuesday, hitting $15.65. 171,267 shares of the company’s stock were exchanged, compared to its average volume of 381,507. Tourmaline Bio has a 12 month low of $9.18 and a 12 month high of $48.31. The business’s 50 day moving average price is $29.03.

Tourmaline Bio (NASDAQ:TRML) last released its quarterly earnings results on Tuesday, March 19th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.75) by ($0.06). On average, equities research analysts expect that Tourmaline Bio will post -2.9 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. raised its position in Tourmaline Bio by 109.5% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 4,939 shares of the company’s stock valued at $113,000 after buying an additional 2,582 shares during the last quarter. Denali Advisors LLC bought a new stake in shares of Tourmaline Bio in the 1st quarter worth $128,000. Jump Financial LLC purchased a new stake in shares of Tourmaline Bio in the fourth quarter valued at about $380,000. Affinity Asset Advisors LLC bought a new position in shares of Tourmaline Bio during the fourth quarter valued at about $1,782,000. Finally, BML Capital Management LLC purchased a new position in Tourmaline Bio during the fourth quarter worth about $6,427,000. 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.