Tourmaline Bio (NASDAQ:TRML) Posts Earnings Results, Beats Estimates 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) announced its quarterly earnings results on Wednesday, August 13th. The company reported ($0.90) earnings per share for the quarter, beating the consensus estimate of ($0.94) by $0.04, Zacks reports.

Tourmaline Bio Stock Performance

NASDAQ:TRML traded up $0.09 during trading on Wednesday, reaching $22.46. The company's stock had a trading volume of 79,622 shares, compared to its average volume of 221,735. Tourmaline Bio has a 12 month low of $11.56 and a 12 month high of $29.79. The firm has a market cap of $576.89 million, a price-to-earnings ratio of -6.55 and a beta of 2.04. The firm has a 50 day moving average of $19.25 and a 200-day moving average of $16.69.

Analysts Set New Price Targets

Several analysts have recently commented on TRML shares. Chardan Capital reissued a "buy" rating and issued a $70.00 price objective on shares of Tourmaline Bio in a research note on Thursday, August 14th. Guggenheim restated a "buy" rating and set a $55.00 price objective on shares of Tourmaline Bio in a research note on Thursday, August 14th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $50.00 price objective on shares of Tourmaline Bio in a report on Monday, May 5th. Seven analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $50.14.

Hedge Funds Weigh In On Tourmaline Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets increased its holdings in Tourmaline Bio by 34.1% during the second quarter. BNP Paribas Financial Markets now owns 2,103 shares of the company's stock worth $34,000 after buying an additional 535 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Tourmaline Bio by 35.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,214 shares of the company's stock valued at $51,000 after acquiring an additional 846 shares during the period. Creative Planning purchased a new stake in shares of Tourmaline Bio during the 2nd quarter worth approximately $201,000. Invesco Ltd. increased its stake 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 purchasing an additional 5,706 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Tourmaline Bio by 12.6% in the 2nd quarter. American Century Companies Inc. now owns 40,564 shares of the company's stock worth $649,000 after purchasing an additional 4,546 shares during the period. 91.89% of the stock is owned by hedge funds and other institutional investors.

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.