Tourmaline Bio (NASDAQ:TRML) Lowered to "Hold" Rating by Piper Sandler

Key Points

• Piper Sandler has reissued a "neutral" rating on Tourmaline Bio (NASDAQ:TRML), with a revised price objective of $48.00, down from $65.00, indicating a potential upside of just 0.85%.
• Multiple analysts have downgraded Tourmaline Bio's rating in recent reports, with Jefferies Financial Group lowering its rating from "buy" to "hold" and reducing its target price to $47.50.
• Tourmaline Bio recently reported earnings per share (EPS) of ($0.90), exceeding analysts' expectations and reflecting a mixed sentiment towards the company's financial outlook.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) was downgraded by equities researchers at Piper Sandler from an "overweight" rating to a "hold" rating in a report released on Thursday, Marketbeat reports. They currently have a $48.00 price target on the stock, down from their previous price target of $65.00. Piper Sandler's price target suggests a potential upside of 0.84% from the stock's previous close.

TRML has been the topic of several other reports. Lifesci Capital cut shares of Tourmaline Bio from an "outperform" rating to a "hold" rating and set a $48.00 target price on the stock. in a report on Tuesday. Wedbush cut Tourmaline Bio from an "outperform" rating to a "neutral" rating and set a $48.00 price objective for the company. in a report on Tuesday. HC Wainwright downgraded Tourmaline Bio from a "buy" rating to a "neutral" rating and cut their target price for the company from $50.00 to $48.00 in a research report on Wednesday. Jefferies Financial Group cut Tourmaline Bio from a "buy" rating to a "hold" rating and decreased their price target for the stock from $64.00 to $47.50 in a research report on Tuesday. Finally, Guggenheim reaffirmed a "neutral" rating and issued a $48.00 price target (down previously from $55.00) on shares of Tourmaline Bio in a research note on Wednesday. Two analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Tourmaline Bio has an average rating of "Hold" and an average target price of $45.85.

Tourmaline Bio Price Performance

TRML stock opened at $47.60 on Thursday. Tourmaline Bio has a fifty-two week low of $11.56 and a fifty-two week high of $47.69. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of -13.88 and a beta of 2.04. The business's fifty day moving average price is $22.92 and its two-hundred day moving average price is $18.34.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported ($0.90) EPS for the quarter, beating the consensus estimate of ($0.94) by $0.04. Research analysts expect that Tourmaline Bio will post -3.02 EPS for the current year.

Institutional Investors Weigh In On Tourmaline Bio

Hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC grew its holdings in shares of Tourmaline Bio by 35.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,214 shares of the company's stock valued at $51,000 after purchasing an additional 846 shares during the last quarter. BBR Partners LLC boosted its position in Tourmaline Bio by 50.0% in the second quarter. BBR Partners LLC now owns 15,000 shares of the company's stock valued at $240,000 after buying an additional 5,000 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of Tourmaline Bio by 34.1% during the second quarter. BNP Paribas Financial Markets now owns 2,103 shares of the company's stock worth $34,000 after buying an additional 535 shares during the last quarter. Balyasny Asset Management L.P. increased 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 worth $9,667,000 after buying an additional 11,586 shares in the last quarter. Finally, QVT Financial LP increased its holdings 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 worth $34,453,000 after buying an additional 681,284 shares in the last quarter. 91.89% of the stock is currently 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.