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

Key Points

• Tourmaline Bio, Inc. (NASDAQ:TRML) achieved a new 12-month high of $47.70 during mid-day trading, with the last traded price at $47.65.
• Several analysts have downgraded their ratings for Tourmaline Bio, setting a price objective of $48.00, suggesting a cautious outlook for the stock.
• Institutional investors currently hold 91.89% of Tourmaline Bio's shares, indicating strong interest from large investors in the biotech firm.

Shares of Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $47.70 and last traded at $47.65, with a volume of 218937 shares. The stock had previously closed at $47.61.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Wedbush cut Tourmaline Bio from an "outperform" rating to a "neutral" rating and set a $48.00 price objective on the stock. in a research note on Tuesday, September 9th. HC Wainwright lowered shares of Tourmaline Bio from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $50.00 to $48.00 in a report on Wednesday, September 10th. BMO Capital Markets lowered shares of Tourmaline Bio from an "outperform" rating to a "market perform" rating and raised their price objective for the stock from $35.00 to $48.00 in a report on Monday. Chardan Capital lowered shares of Tourmaline Bio from a "buy" rating to a "neutral" rating and lowered their price target for the company from $70.00 to $48.00 in a research note on Wednesday, September 10th. Finally, Piper Sandler downgraded shares of Tourmaline Bio from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $65.00 to $48.00 in a report on Thursday, September 11th. One investment analyst has rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $45.65.

Tourmaline Bio Stock Performance

The stock has a market capitalization of $1.23 billion, a PE ratio of -13.92 and a beta of 2.04. The stock's 50-day moving average price is $26.61 and its two-hundred day moving average price is $19.79.

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

Institutional Investors Weigh In On Tourmaline Bio

Large investors have recently modified their holdings of the company. Hsbc Holdings PLC purchased a new position in Tourmaline Bio in the first quarter worth $158,000. GAMMA Investing LLC boosted its position in Tourmaline Bio by 4,481.7% during the 1st quarter. GAMMA Investing LLC now owns 7,514 shares of the company's stock valued at $114,000 after purchasing an additional 7,350 shares during the period. Nuveen Asset Management LLC raised its stake in Tourmaline Bio by 21.5% during the 4th quarter. Nuveen Asset Management LLC now owns 76,245 shares of the company's stock valued at $1,546,000 after acquiring an additional 13,504 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Tourmaline Bio by 3.9% in the 1st quarter. SG Americas Securities LLC now owns 36,180 shares of the company's stock worth $550,000 after buying an additional 1,368 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Tourmaline Bio by 54.1% during the fourth quarter. Deutsche Bank AG now owns 20,008 shares of the company's stock valued at $406,000 after acquiring an additional 7,025 shares during the period. 91.89% of the stock is owned by institutional investors and hedge funds.

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.