Tourmaline Bio (NASDAQ:TRML) Earns Buy Rating from Guggenheim

Key Points

• Guggenheim reaffirmed a "buy" rating for Tourmaline Bio (NASDAQ: TRML) with a price target of $55.00, suggesting a potential upside of 150.22% from its current price.
• Tourmaline Bio's stock had a recent trading volume of 728 shares and closed at $21.98, with a market cap of approximately $564.47 million.
• Institutional investors own 91.89% of Tourmaline Bio, with notable increases in stakes from several firms, highlighting strong institutional support.

Tourmaline Bio (NASDAQ:TRML - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at Guggenheim in a research report issued on Thursday,Benzinga reports. They presently have a $55.00 price target on the stock. Guggenheim's target price points to a potential upside of 143.69% from the stock's previous close.

A number of other research analysts have also recently issued reports on the stock. HC Wainwright reiterated a "buy" rating and set a $50.00 price objective on shares of Tourmaline Bio in a report on Monday, May 5th. Chardan Capital reiterated a "buy" rating and set a $70.00 price objective on shares of Tourmaline Bio in a report on Monday, May 5th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $50.14.

Tourmaline Bio Stock Up 0.8%

TRML traded up $0.18 during midday trading on Thursday, hitting $22.57. The company had a trading volume of 122,404 shares, compared to its average volume of 212,506. The company has a market capitalization of $579.60 million, a price-to-earnings ratio of -6.58 and a beta of 2.04. The stock's 50 day moving average price is $19.05 and its 200 day moving average price is $16.57. Tourmaline Bio has a 52 week low of $11.56 and a 52 week high of $29.79.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last issued its quarterly earnings data 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. Research analysts predict that Tourmaline Bio will post -3.02 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. QVT Financial LP boosted its stake in Tourmaline Bio by 46.2% in the second quarter. QVT Financial LP now owns 2,154,653 shares of the company's stock valued at $34,453,000 after acquiring an additional 681,284 shares during the last quarter. Vanguard Group Inc. boosted its stake in Tourmaline Bio by 7.7% in the first quarter. Vanguard Group Inc. now owns 1,190,810 shares of the company's stock valued at $18,112,000 after acquiring an additional 84,685 shares during the last quarter. Octagon Capital Advisors LP purchased a new position in Tourmaline Bio in the first quarter valued at about $13,765,000. Balyasny Asset Management L.P. boosted its stake in Tourmaline Bio by 2.0% in the second quarter. Balyasny Asset Management L.P. now owns 604,561 shares of the company's stock valued at $9,667,000 after acquiring an additional 11,586 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. purchased a new position in Tourmaline Bio in the fourth quarter valued at about $12,168,000. 91.89% of the stock is currently owned by hedge funds and other institutional investors.

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.