Tourmaline Bio (NASDAQ:TRML) Cut to Neutral at HC Wainwright

Key Points

• Tourmaline Bio was downgraded from a "buy" to a "neutral" rating by HC Wainwright, with a revised target price of $48.00, reflecting a potential upside of only 0.76% from its current price.
• Other analysts have also lowered their ratings and price targets for the company, with 8 ratings currently showing "Hold" and a consensus target price of $46.19.
• Despite the downgrades, Tourmaline Bio's shares recently opened at $47.64, having achieved a 12-month high of $47.69.

HC Wainwright lowered shares of Tourmaline Bio (NASDAQ:TRML - Free Report) from a buy rating to a neutral rating in a research report sent to investors on Wednesday morning, MarketBeat.com reports. They currently have $48.00 target price on the stock, down from their prior target price of $50.00.

Other equities analysts have also issued research reports about the stock. Jefferies Financial Group lowered shares of Tourmaline Bio from a "buy" rating to a "hold" rating and reduced their price target for the company from $64.00 to $47.50 in a research report 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 report on Tuesday. Guggenheim downgraded shares of Tourmaline Bio from a "buy" rating to a "hold" rating in a research note on Tuesday. Wedbush downgraded shares of Tourmaline Bio from an "outperform" rating to a "neutral" rating and set a $48.00 target price on the stock. in a research note on Tuesday. Finally, Chardan Capital downgraded shares of Tourmaline Bio from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $70.00 to $48.00 in a research note on Wednesday. Two analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $45.85.

Tourmaline Bio Stock Performance

Shares of NASDAQ:TRML traded up $0.01 during trading on Wednesday, reaching $47.61. The stock had a trading volume of 988,444 shares, compared to its average volume of 1,560,002. Tourmaline Bio has a 52 week low of $11.56 and a 52 week high of $47.70. The firm's fifty day moving average is $23.54 and its 200 day moving average is $18.58. The stock 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 released its earnings results on Wednesday, August 13th. The company reported ($0.90) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.94) by $0.04. On average, research analysts forecast that Tourmaline Bio will post -3.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tourmaline Bio

Several hedge funds and other institutional investors have recently made changes to their positions in TRML. Octagon Capital Advisors LP purchased a new stake in shares of Tourmaline Bio during the 1st quarter valued at about $13,765,000. QVT Financial LP raised its holdings in Tourmaline Bio by 107.1% during the 1st quarter. QVT Financial LP now owns 1,473,369 shares of the company's stock valued at $22,410,000 after buying an additional 762,094 shares during the period. Nan Fung Trinity HK Ltd. purchased a new stake in Tourmaline Bio during the 2nd quarter valued at $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 worth $1,844,000 after purchasing 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 worth $8,595,000 after purchasing an additional 92,605 shares during the period. Hedge funds and other 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.