Tourmaline Bio (NASDAQ:TRML) Sets New 52-Week High - What's Next?

Key Points

• Tourmaline Bio's stock reached a new 52-week high of $30.21 amidst trading, closing at $28.55 with a trading volume of 275,192 shares.
• Wall Street analysts maintain a consensus "Buy" rating for the stock, with target prices ranging from $55.00 to $70.00, and an average price target of $50.14.
• Institutional investors hold a significant stake in Tourmaline Bio, with approximately 91.89% of shares owned by these investors and hedge funds.

Shares of Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $30.21 and last traded at $28.55, with a volume of 275192 shares changing hands. The stock had previously closed at $26.74.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on TRML shares. Truist Financial lowered shares of Tourmaline Bio from a "buy" rating to a "hold" rating and reduced their price objective for the company from $63.00 to $48.00 in a research note on Wednesday. Wedbush lowered shares of Tourmaline Bio from an "outperform" rating to a "neutral" rating and set a $48.00 price objective for the company. in a research note on Tuesday. Lifesci Capital lowered shares of Tourmaline Bio from an "outperform" rating to a "hold" rating and set a $48.00 price objective for the company. in a research note on Tuesday. Guggenheim reissued a "neutral" rating and set a $48.00 target price (down previously from $55.00) on shares of Tourmaline Bio in a research report on Wednesday. Finally, Piper Sandler lowered shares of Tourmaline Bio from an "overweight" rating to a "hold" rating and cut their target price for the stock from $65.00 to $48.00 in a research report on Thursday. Two research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $45.85.

Tourmaline Bio Stock Up 0.0%

The stock's 50-day moving average price is $23.54 and its 200 day moving average price is $18.58. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of -13.88 and a beta of 2.04.

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

Institutional Trading of Tourmaline Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TRML. Octagon Capital Advisors LP bought a new stake in Tourmaline Bio in the first quarter valued at about $13,765,000. QVT Financial LP increased its stake in Tourmaline Bio by 107.1% in the first quarter. QVT Financial LP now owns 1,473,369 shares of the company's stock valued at $22,410,000 after acquiring an additional 762,094 shares during the period. Nan Fung Trinity HK Ltd. bought a new stake in Tourmaline Bio in the second quarter valued at about $3,631,000. Federated Hermes Inc. increased its stake in Tourmaline Bio by 13,036.0% in the first quarter. Federated Hermes Inc. now owns 121,245 shares of the company's stock valued at $1,844,000 after acquiring an additional 120,322 shares during the period. Finally, Velan Capital Investment Management LP increased its stake in Tourmaline Bio by 28.0% in the fourth quarter. Velan Capital Investment Management LP now owns 423,795 shares of the company's stock valued at $8,595,000 after acquiring an additional 92,605 shares during the period. 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.