BMO Capital Markets Downgrades Tourmaline Bio (NASDAQ:TRML) to Market Perform

Key Points

• BMO Capital Markets reaffirmed its "market perform" rating for Tourmaline Bio (NASDAQ: TRML) and raised its price target to $48.00, suggesting a 0.82% potential upside from the stock's previous close.
• Multiple analysts have downgraded Tourmaline Bio’s stock, with a consensus rating of "Hold" and an average target price of $45.65.
• The company reported an EPS of ($0.90), exceeding analysts' consensus estimates and is expected to post an EPS of (-3.02) for the current year.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) was downgraded by research analysts at BMO Capital Markets from an "outperform" rating to a "market perform" rating in a research note issued on Monday, MarketBeat.com reports. They presently have a $48.00 price objective on the stock, up from their prior price objective of $35.00. BMO Capital Markets' price objective would suggest a potential upside of 0.56% from the company's current price.

Several other research firms have also weighed in on TRML. Piper Sandler lowered Tourmaline Bio from an "overweight" rating to a "neutral" rating and cut their target price for the company from $65.00 to $48.00 in a research note on Thursday, September 11th. Truist Financial cut Tourmaline Bio from a "buy" rating to a "hold" rating and lowered their price target for the stock from $63.00 to $48.00 in a report on Wednesday, September 10th. HC Wainwright cut Tourmaline Bio from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $50.00 to $48.00 in a report on Wednesday, September 10th. Chardan Capital lowered Tourmaline Bio from a "buy" rating to a "neutral" rating and reduced their price target for the company from $70.00 to $48.00 in a research report on Wednesday, September 10th. Finally, Guggenheim reaffirmed a "neutral" rating and issued a $48.00 target price (down from $55.00) on shares of Tourmaline Bio in a report on Wednesday, September 10th. One equities research analyst has rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $45.65.

Tourmaline Bio Stock Performance

Shares of Tourmaline Bio stock traded up $0.05 during trading on Monday, hitting $47.74. 548,432 shares of the stock traded hands, compared to its average volume of 462,773. The stock has a market cap of $1.23 billion, a P/E ratio of -13.92 and a beta of 2.04. Tourmaline Bio has a twelve month low of $11.56 and a twelve month high of $47.77. The company has a fifty day moving average price of $26.01 and a two-hundred day moving average price of $19.54.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The company reported ($0.90) EPS for the quarter, topping analysts' consensus estimates of ($0.94) by $0.04. On average, equities research analysts expect that Tourmaline Bio will post -3.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Tourmaline Bio

A number of hedge funds and other institutional investors have recently modified their holdings of TRML. QVT Financial LP raised its holdings in shares of Tourmaline Bio by 46.2% during the second quarter. QVT Financial LP now owns 2,154,653 shares of the company's stock worth $34,453,000 after purchasing an additional 681,284 shares during the last quarter. Vanguard Group Inc. grew its position in Tourmaline Bio by 7.7% during the first quarter. Vanguard Group Inc. now owns 1,190,810 shares of the company's stock valued at $18,112,000 after buying an additional 84,685 shares during the period. Octagon Capital Advisors LP acquired a new stake in Tourmaline Bio during the first quarter valued at $13,765,000. Balyasny Asset Management L.P. grew its position in Tourmaline Bio by 2.0% during the second quarter. Balyasny Asset Management L.P. now owns 604,561 shares of the company's stock valued at $9,667,000 after buying an additional 11,586 shares during the period. Finally, Nantahala Capital Management LLC grew its position in shares of Tourmaline Bio by 4.8% in the second quarter. Nantahala Capital Management LLC now owns 558,187 shares of the company's stock valued at $8,925,000 after purchasing an additional 25,363 shares during the period. 91.89% of the stock is currently owned by institutional investors.

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.