Tourmaline Bio (NASDAQ:TRML) Reaches New 12-Month High - Here's Why

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.

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 traded. The stock had previously closed at $47.61.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Chardan Capital downgraded shares of Tourmaline Bio from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $70.00 to $48.00 in a research note on Wednesday, September 10th. Wedbush downgraded shares of Tourmaline Bio from an "outperform" rating to a "neutral" rating and set a $48.00 price objective for the company. in a research note on Tuesday, September 9th. Lifesci Capital downgraded 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 note on Tuesday, September 9th. Guggenheim reissued a "neutral" rating and issued a $48.00 price objective (down previously from $55.00) on shares of Tourmaline Bio in a research note on Wednesday, September 10th. Finally, BMO Capital Markets reissued a "market perform" rating and issued a $48.00 price objective (up previously from $35.00) on shares of Tourmaline Bio in a research note on Monday. One research analyst has rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $45.65.

Tourmaline Bio Stock Up 0.1%

The company's 50 day moving average price is $23.54 and its two-hundred day moving average price is $18.66. The stock has a market cap of $1.22 billion, a P/E ratio of -13.89 and a beta of 2.04.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last posted 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. As a group, equities research analysts forecast that Tourmaline Bio, Inc. will post -3.02 earnings per share for the current year.

Hedge Funds Weigh In On Tourmaline Bio

Large investors have recently bought and sold shares of the business. Hsbc Holdings PLC bought a new position in Tourmaline Bio in the first quarter worth approximately $158,000. GAMMA Investing LLC raised 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 worth $114,000 after buying an additional 7,350 shares in the last quarter. Nuveen Asset Management LLC raised its stake in Tourmaline Bio by 21.5% in the fourth quarter. Nuveen Asset Management LLC now owns 76,245 shares of the company's stock worth $1,546,000 after buying an additional 13,504 shares in the last quarter. SG Americas Securities LLC raised its stake in Tourmaline Bio by 3.9% in the first 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 stake in Tourmaline Bio by 54.1% in the fourth quarter. Deutsche Bank AG now owns 20,008 shares of the company's stock worth $406,000 after buying an additional 7,025 shares in the last quarter. Institutional investors 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.

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