Short Interest in Tourmaline Bio, Inc. (NASDAQ:TRML) Rises By 36.6%

Tourmaline Bio, Inc. (NASDAQ:TRML) was the recipient of a significant increase in short interest in July. As of July 15th, there was short interest totalling 2,090,000 shares, an increase of 36.6% from the June 30th total of 1,530,000 shares. Based on an average daily trading volume, of 356,100 shares, the days-to-cover ratio is currently 5.9 days. Currently, 13.6% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in TRML. BNP Paribas Financial Markets purchased a new position in shares of Tourmaline Bio during the first quarter worth approximately $31,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Tourmaline Bio by 109.5% during the first quarter. China Universal Asset Management Co. Ltd. now owns 4,939 shares of the company’s stock worth $113,000 after acquiring an additional 2,582 shares in the last quarter. Denali Advisors LLC purchased a new position in shares of Tourmaline Bio during the first quarter worth approximately $128,000. Janus Henderson Group PLC purchased a new position in shares of Tourmaline Bio during the first quarter worth approximately $266,000. Finally, California State Teachers Retirement System purchased a new position in shares of Tourmaline Bio during the first quarter worth approximately $334,000. 91.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, HC Wainwright reissued a “buy” rating and issued a $48.00 price target on shares of Tourmaline Bio in a report on Tuesday, May 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Tourmaline Bio has an average rating of “Buy” and a consensus price target of $61.80.

Tourmaline Bio Stock Up 4.8 %

Shares of TRML opened at $17.95 on Friday. The firm’s 50 day simple moving average is $14.48 and its 200 day simple moving average is $23.89. Tourmaline Bio has a 1-year low of $9.18 and a 1-year high of $48.31.

Tourmaline Bio (NASDAQ:TRML) last announced its earnings results on Monday, May 13th. The company reported ($0.55) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.13. On average, sell-side analysts anticipate that Tourmaline Bio will post -2.94 EPS for the current year.

Tourmaline Bio Company Profile

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.