Tourmaline Bio (NASDAQ:TRML) Issues Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Key Points

• Tourmaline Bio reported a quarterly earnings per share (EPS) of ($0.90), exceeding expectations by $0.04 compared to the consensus estimate of ($0.94).
• The company's stock rose 0.8% to $22.57 during trading on Friday, supported by a market cap of approximately $579.60 million.
• Research firms maintain a favorable outlook, with several analysts issuing "buy" ratings and a consensus average price target of $50.14 for Tourmaline Bio shares.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) released its earnings results on Wednesday. The company reported ($0.90) EPS for the quarter, topping the consensus estimate of ($0.94) by $0.04, Zacks reports.

Tourmaline Bio Stock Up 0.8%

NASDAQ:TRML traded up $0.18 during trading hours on Friday, hitting $22.57. 122,404 shares of the company's stock traded hands, compared to its average volume of 291,712. The firm has a market cap of $579.60 million, a P/E ratio of -6.58 and a beta of 2.04. Tourmaline Bio has a 52 week low of $11.56 and a 52 week high of $29.79. The business's fifty day simple moving average is $18.98 and its two-hundred day simple moving average is $16.52.

Institutional Investors Weigh In On Tourmaline Bio

Large investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets increased its holdings in Tourmaline Bio by 34.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,103 shares of the company's stock valued at $34,000 after purchasing an additional 535 shares during the period. American Century Companies Inc. grew its holdings in shares of Tourmaline Bio by 12.6% during the 2nd quarter. American Century Companies Inc. now owns 40,564 shares of the company's stock worth $649,000 after acquiring an additional 4,546 shares during the period. Invesco Ltd. grew its holdings in shares of Tourmaline Bio by 28.6% during the 2nd quarter. Invesco Ltd. now owns 25,626 shares of the company's stock worth $410,000 after acquiring an additional 5,706 shares during the period. Balyasny Asset Management L.P. grew its holdings in shares of Tourmaline Bio by 2.0% during the 2nd quarter. Balyasny Asset Management L.P. now owns 604,561 shares of the company's stock worth $9,667,000 after acquiring an additional 11,586 shares during the period. Finally, Creative Planning purchased a new position in shares of Tourmaline Bio during the 2nd quarter worth approximately $201,000. Institutional investors own 91.89% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TRML. Chardan Capital restated a "buy" rating and issued a $70.00 target price on shares of Tourmaline Bio in a report on Thursday. HC Wainwright reaffirmed a "buy" rating and set a $50.00 price target on shares of Tourmaline Bio in a research report on Monday, May 5th. Finally, Guggenheim reaffirmed a "buy" rating and set a $55.00 price target on shares of Tourmaline Bio in a research report on Thursday. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Tourmaline Bio currently has an average rating of "Buy" and an average price target of $50.14.

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.

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