Guggenheim Reaffirms "Neutral" Rating for Tourmaline Bio (NASDAQ:TRML)

Key Points

• Guggenheim reissued a "neutral" rating for Tourmaline Bio and adjusted its price target to $48.00, indicating a slight potential upside of 0.76% from the stock's previous close.
• Other analysts, including Wedbush and HC Wainwright, also lowered their ratings to "neutral" and set the same price target of $48.00.
• Tourmaline Bio's stock has experienced significant volatility, moving up by 57.9%, with its current trading price opening at $47.64.

Guggenheim restated their neutral rating on shares of Tourmaline Bio (NASDAQ:TRML - Free Report) in a research note published on Wednesday morning,Benzinga reports. They currently have a $48.00 price objective on the stock, down from their previous price objective of $55.00.

TRML has been the subject of a number of other research reports. Jefferies Financial Group downgraded shares of Tourmaline Bio from a "buy" rating to a "hold" rating and lowered their price target for the company from $64.00 to $47.50 in a report on Tuesday, September 9th. HC Wainwright cut Tourmaline Bio from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $50.00 to $48.00 in a report on Wednesday, September 10th. Chardan Capital downgraded Tourmaline Bio from a "buy" rating to a "neutral" rating and cut their target price for the company from $70.00 to $48.00 in a research report on Wednesday, September 10th. Lifesci Capital lowered Tourmaline Bio from an "outperform" rating to a "hold" rating and set a $48.00 price target on the stock. in a report on Tuesday, September 9th. Finally, Wedbush lowered 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. One analyst has rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $45.65.

Tourmaline Bio Price Performance

Shares of NASDAQ TRML traded up $0.07 during midday trading on Wednesday, reaching $47.68. 558,958 shares of the stock traded hands, compared to its average volume of 444,536. The company's 50 day moving average is $23.54 and its 200 day moving average is $18.66. Tourmaline Bio has a one year low of $11.56 and a one year high of $47.70. The stock has a market capitalization of $1.22 billion, a PE ratio of -13.90 and a beta of 2.04.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last released its quarterly earnings results 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. As a group, equities analysts forecast that Tourmaline Bio will post -3.02 EPS for the current year.

Institutional Investors Weigh In On Tourmaline Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TRML. Hsbc Holdings PLC purchased a new stake in Tourmaline Bio in the 1st quarter valued at about $158,000. GAMMA Investing LLC raised its stake in shares of Tourmaline Bio by 4,481.7% during the first quarter. GAMMA Investing LLC now owns 7,514 shares of the company's stock valued at $114,000 after acquiring an additional 7,350 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of Tourmaline Bio by 21.5% in the fourth quarter. Nuveen Asset Management LLC now owns 76,245 shares of the company's stock valued at $1,546,000 after purchasing an additional 13,504 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Tourmaline Bio by 3.9% in the first quarter. SG Americas Securities LLC now owns 36,180 shares of the company's stock valued at $550,000 after purchasing an additional 1,368 shares during the period. Finally, Bank of America Corp DE grew its stake in Tourmaline Bio by 87.6% in the fourth quarter. Bank of America Corp DE now owns 70,737 shares of the company's stock worth $1,435,000 after purchasing an additional 33,028 shares in the last quarter. Institutional investors own 91.89% of the company's stock.

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.