Tourmaline Bio (NASDAQ:TRML) Downgraded to "Hold" Rating by Jefferies Financial Group

Key Points

• Tourmaline Bio's stock currently holds a "hold" rating from Jefferies Financial Group, with a revised price target of $47.50, down from $64.00.
• The company has seen a significant stock increase of 57.9%, reaching $47.64 during trading hours on Tuesday.
• Tourmaline Bio's institutional ownership stands at 91.89%, indicating strong interest from large investors.

Jefferies Financial Group downgraded shares of Tourmaline Bio (NASDAQ:TRML - Free Report) from a buy rating to a hold rating in a report published on Tuesday, Marketbeat.com reports. Jefferies Financial Group currently has $47.50 price target on the stock, down from their previous price target of $64.00.

Several other research firms have also weighed in 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, August 14th. Lifesci Capital lowered Tourmaline Bio from an "outperform" rating to a "hold" rating and set a $48.00 price objective on the stock. in a research note on Tuesday, September 9th. Wedbush lowered 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. Finally, Chardan Capital reaffirmed a "buy" rating and issued a $70.00 price objective on shares of Tourmaline Bio in a research note on Thursday, August 14th. Two equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $45.85.

Tourmaline Bio Stock Performance

Shares of NASDAQ TRML traded up $0.01 during mid-day trading on Tuesday, reaching $47.61. The company had a trading volume of 988,444 shares, compared to its average volume of 1,560,002. Tourmaline Bio has a one year low of $11.56 and a one year high of $47.70. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of -13.88 and a beta of 2.04. The business's 50-day simple moving average is $23.54 and its 200 day simple moving average is $18.62.

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 for the quarter, beating the consensus estimate of ($0.94) by $0.04. On average, sell-side analysts anticipate that Tourmaline Bio will post -3.02 EPS for the current year.

Institutional Trading of Tourmaline Bio

A number of hedge funds have recently made changes to their positions in the company. QVT Financial LP boosted its stake in shares of Tourmaline Bio by 46.2% during the second quarter. QVT Financial LP now owns 2,154,653 shares of the company's stock valued at $34,453,000 after purchasing an additional 681,284 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Tourmaline Bio by 7.7% during the first quarter. Vanguard Group Inc. now owns 1,190,810 shares of the company's stock worth $18,112,000 after acquiring an additional 84,685 shares during the last quarter. Octagon Capital Advisors LP bought a new position in shares of Tourmaline Bio during the first quarter worth about $13,765,000. Balyasny Asset Management L.P. raised its position in shares of Tourmaline Bio by 2.0% during the second quarter. Balyasny Asset Management L.P. now owns 604,561 shares of the company's stock worth $9,667,000 after acquiring an additional 11,586 shares during the last quarter. Finally, Nantahala Capital Management LLC raised its position in shares of Tourmaline Bio by 4.8% during the second quarter. Nantahala Capital Management LLC now owns 558,187 shares of the company's stock worth $8,925,000 after acquiring an additional 25,363 shares during the last quarter. 91.89% of the stock is owned by institutional investors and hedge funds.

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.