Tourmaline Bio (NASDAQ:TRML) Lowered 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 cut shares of Tourmaline Bio (NASDAQ:TRML - Free Report) from a buy rating to a hold rating in a report released on Tuesday, Marketbeat Ratings reports. The firm currently has $47.50 target price on the stock, down from their previous target price of $64.00.

A number of other research analysts have also issued reports on TRML. Lifesci Capital lowered shares of Tourmaline Bio from an "outperform" rating to a "hold" rating and set a $48.00 target price for the company. in a research note on Tuesday. Guggenheim reissued a "buy" rating and set a $55.00 target price on shares of Tourmaline Bio in a research note on Thursday, August 14th. Wedbush lowered shares of Tourmaline Bio from an "outperform" rating to a "neutral" rating and set a $48.00 target price for the company. in a research note on Tuesday. Finally, Chardan Capital reissued a "buy" rating and set a $70.00 target price on shares of Tourmaline Bio in a research note on Thursday, August 14th. Two investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $45.85.

Tourmaline Bio Trading Up 0.1%

TRML traded up $0.06 on Tuesday, hitting $47.66. 657,770 shares of the company's stock were exchanged, compared to its average volume of 442,164. The firm has a market cap of $1.22 billion, a PE ratio of -13.89 and a beta of 2.04. Tourmaline Bio has a twelve month low of $11.56 and a twelve month high of $47.70. The stock has a fifty day moving average of $22.92 and a two-hundred day moving average of $18.34.

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, topping the consensus estimate of ($0.94) by $0.04. On average, analysts predict that Tourmaline Bio will post -3.02 EPS for the current year.

Institutional Trading of Tourmaline Bio

Hedge funds have recently bought and sold shares of the company. QVT Financial LP boosted its holdings in shares of Tourmaline Bio by 46.2% in the second quarter. QVT Financial LP now owns 2,154,653 shares of the company's stock worth $34,453,000 after buying an additional 681,284 shares during the period. Vanguard Group Inc. raised its holdings 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 valued at $18,112,000 after acquiring an additional 84,685 shares during the period. Octagon Capital Advisors LP acquired a new stake in shares of Tourmaline Bio during the first quarter valued at approximately $13,765,000. Balyasny Asset Management L.P. raised its holdings 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 valued at $9,667,000 after acquiring an additional 11,586 shares during the period. Finally, Nantahala Capital Management LLC raised its holdings 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 valued at $8,925,000 after acquiring an additional 25,363 shares during the period. 91.89% of the stock is owned by hedge funds and other institutional investors.

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.