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 note issued to investors on Wednesday morning, MarketBeat reports. They currently have $48.00 price objective on the stock, down from their prior price objective of $50.00.

Other analysts have also issued reports about the company. Guggenheim lowered Tourmaline Bio from a "buy" rating to a "hold" rating in a report on Tuesday, September 9th. Lifesci Capital lowered Tourmaline Bio from an "outperform" rating to a "hold" rating and set a $48.00 price objective for the company. in a report on Tuesday, September 9th. Jefferies Financial Group lowered Tourmaline Bio from a "buy" rating to a "hold" rating and lowered their price objective for the company from $64.00 to $47.50 in a report on Tuesday, September 9th. Wedbush lowered Tourmaline Bio from an "outperform" rating to a "neutral" rating and set a $48.00 price objective for the company. in a report on Tuesday, September 9th. Finally, Chardan Capital downgraded Tourmaline Bio from a "buy" rating to a "neutral" rating and decreased their target price for the company from $70.00 to $48.00 in a research note on Wednesday, September 10th. One investment analyst has rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $45.65.

Tourmaline Bio Trading Up 0.1%

Tourmaline Bio stock traded up $0.07 during midday trading on Wednesday, hitting $47.68. The stock had a trading volume of 541,439 shares, compared to its average volume of 444,469. The stock has a market cap of $1.22 billion, a P/E ratio of -13.90 and a beta of 2.04. Tourmaline Bio has a 12 month low of $11.56 and a 12 month high of $47.70. The business has a fifty day moving average price of $23.54 and a 200 day moving average price of $18.66.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last announced its quarterly earnings data 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. On average, equities analysts anticipate that Tourmaline Bio will post -3.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC raised its position in Tourmaline Bio by 297.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,646 shares of the company's stock worth $33,000 after purchasing an additional 1,232 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of Tourmaline Bio by 34.1% during the second 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 last quarter. Tower Research Capital LLC TRC grew its stake in shares of Tourmaline Bio by 35.7% during the second quarter. Tower Research Capital LLC TRC now owns 3,214 shares of the company's stock valued at $51,000 after purchasing an additional 846 shares during the last quarter. Brooklyn Investment Group boosted its stake in Tourmaline Bio by 148.9% in the first quarter. Brooklyn Investment Group now owns 3,923 shares of the company's stock valued at $60,000 after acquiring an additional 2,347 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Tourmaline Bio by 4,481.7% in the first quarter. GAMMA Investing LLC now owns 7,514 shares of the company's stock valued at $114,000 after acquiring an additional 7,350 shares during the last quarter. Institutional investors and hedge funds own 91.89% of the company's stock.

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.