Tourmaline Bio (NASDAQ:TRML) Receives "Buy" Rating from Chardan Capital

Key Points

• Chardan Capital has restated its "buy" rating for Tourmaline Bio (NASDAQ:TRML), setting a price target of $70.00, indicating a potential upside of 223.61% from the current stock price.
• Other analysts, including Guggenheim and HC Wainwright, have also rated the stock as a buy, with target prices of $55.00 and $50.00 respectively.
• Tourmaline Bio reported a loss of $0.90 per share in its latest quarterly earnings, slightly beating analysts' expectations, while institutional investors hold 91.89% of the company's stock.

Tourmaline Bio (NASDAQ:TRML - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Chardan Capital in a report released on Thursday,Benzinga reports. They presently have a $70.00 price target on the stock. Chardan Capital's price target would suggest a potential upside of 223.61% from the company's current price.

A number of other equities research analysts have also commented on TRML. Guggenheim reaffirmed a "buy" rating and issued a $55.00 price objective on shares of Tourmaline Bio in a research note on Thursday. HC Wainwright reissued a "buy" rating and set a $50.00 target price on shares of Tourmaline Bio in a research note on Monday, May 5th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $50.14.

Tourmaline Bio Stock Performance

Shares of Tourmaline Bio stock traded down $0.59 on Thursday, reaching $21.63. 29,944 shares of the stock were exchanged, compared to its average volume of 292,253. The firm's 50 day moving average is $18.91 and its 200-day moving average is $16.49. Tourmaline Bio has a one year low of $11.56 and a one year high of $29.79. The firm has a market cap of $555.48 million, a PE ratio of -6.78 and a beta of 2.04.

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

Hedge Funds Weigh In On Tourmaline Bio

Several hedge funds and other institutional investors have recently bought and sold shares of TRML. Octagon Capital Advisors LP bought a new position in Tourmaline Bio during the 1st quarter valued at about $13,765,000. QVT Financial LP lifted its stake in shares of Tourmaline Bio by 107.1% in the 1st quarter. QVT Financial LP now owns 1,473,369 shares of the company's stock worth $22,410,000 after purchasing an additional 762,094 shares during the period. Adage Capital Partners GP L.L.C. purchased a new stake in Tourmaline Bio in the 4th quarter worth approximately $12,168,000. Nan Fung Trinity HK Ltd. purchased a new stake in Tourmaline Bio in the 2nd quarter worth approximately $3,631,000. Finally, Federated Hermes Inc. increased its holdings in Tourmaline Bio by 13,036.0% in the 1st quarter. Federated Hermes Inc. now owns 121,245 shares of the company's stock worth $1,844,000 after acquiring an additional 120,322 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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