Tourmaline Bio (NASDAQ:TRML) Downgraded by Piper Sandler to Neutral

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.

Piper Sandler lowered shares of Tourmaline Bio (NASDAQ:TRML - Free Report) from an overweight rating to a neutral rating in a research report report published on Thursday morning, Marketbeat.com reports. The brokerage currently has $48.00 price objective on the stock, down from their previous price objective of $65.00.

A number of other research firms have also recently commented on TRML. Guggenheim restated a "neutral" rating and issued a $48.00 price target (down from $55.00) on shares of Tourmaline Bio in a report on Wednesday, September 10th. Truist Financial cut shares of Tourmaline Bio from a "buy" rating to a "hold" rating and cut their price target for the stock from $63.00 to $48.00 in a report on Wednesday, September 10th. Jefferies Financial Group cut shares of Tourmaline Bio from a "buy" rating to a "hold" rating and cut their price target for the stock from $64.00 to $47.50 in a report on Tuesday, September 9th. Wedbush cut shares of Tourmaline Bio from an "outperform" rating to a "neutral" rating and set a $48.00 target price on the stock. in a report on Tuesday, September 9th. Finally, Chardan Capital cut shares of Tourmaline Bio from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $70.00 to $48.00 in a report on Wednesday, September 10th. One equities research analyst has rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $45.65.

Tourmaline Bio Trading Up 0.1%

Shares of NASDAQ TRML traded up $0.06 during mid-day trading on Thursday, reaching $47.71. The company had a trading volume of 752,262 shares, compared to its average volume of 448,834. The business's 50-day moving average is $24.17 and its 200-day moving average is $18.90. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of -13.91 and a beta of 2.04. Tourmaline Bio has a 52 week low of $11.56 and a 52 week high of $47.72.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last posted its quarterly earnings results on Wednesday, August 13th. The company reported ($0.90) EPS for the quarter, topping analysts' consensus estimates of ($0.94) by $0.04. As a group, equities research analysts forecast that Tourmaline Bio will post -3.02 earnings per share for the current year.

Institutional Trading of Tourmaline Bio

Institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC boosted its holdings in shares of Tourmaline Bio by 297.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,646 shares of the company's stock valued at $33,000 after buying an additional 1,232 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Tourmaline Bio by 34.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,103 shares of the company's stock valued at $34,000 after purchasing an additional 535 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of Tourmaline Bio by 35.7% in 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. Brooklyn Investment Group raised its position in shares of Tourmaline Bio by 148.9% in the 1st quarter. Brooklyn Investment Group now owns 3,923 shares of the company's stock valued at $60,000 after purchasing an additional 2,347 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Tourmaline Bio by 4,481.7% in the 1st quarter. GAMMA Investing LLC now owns 7,514 shares of the company's stock valued at $114,000 after purchasing an additional 7,350 shares during the last quarter. 91.89% of the stock is currently owned by 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.