Tourmaline Bio (NASDAQ:TRML) Sets New 52-Week High - Here's Why

Key Points

• Tourmaline Bio shares hit a new 52-week high at $47.79, with recent trading volume reaching 320,616 shares.
• Multiple analysts have downgraded TRML's rating to "hold" and adjusted their price targets to $48.00, lower than previous targets.
• Institutional investors hold 91.89% of Tourmaline Bio's stock, indicating strong institutional interest in the company.

Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report) shares hit a new 52-week high on Monday . The company traded as high as $47.79 and last traded at $47.78, with a volume of 320616 shares changing hands. The stock had previously closed at $47.74.

Analysts Set New Price Targets

A number of research analysts have weighed in on TRML shares. Truist Financial lowered shares of Tourmaline Bio from a "buy" rating to a "hold" rating and cut their price target for the company from $63.00 to $48.00 in a research note on Wednesday, September 10th. Lifesci Capital lowered shares of Tourmaline Bio from an "outperform" rating to a "hold" rating and set a $48.00 price target on the stock. in a research note on Tuesday, September 9th. HC Wainwright lowered shares of Tourmaline Bio from a "buy" rating to a "neutral" rating and cut their price target for the company from $50.00 to $48.00 in a research note on Wednesday, September 10th. Wedbush lowered shares of Tourmaline Bio from an "outperform" rating to a "neutral" rating and set a $48.00 price target on the stock. in a research note on Tuesday, September 9th. Finally, Piper Sandler lowered shares of Tourmaline Bio from an "overweight" rating to a "neutral" rating and cut their price target for the company from $65.00 to $48.00 in a research note on Thursday, September 11th. One analyst has rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $45.65.

Tourmaline Bio Stock Up 0.1%

The company's fifty day simple moving average is $29.52 and its 200 day simple moving average is $20.99. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -13.93 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) EPS for the quarter, beating the consensus estimate of ($0.94) by $0.04. As a group, analysts anticipate that Tourmaline Bio, Inc. will post -3.02 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TRML. Hsbc Holdings PLC acquired a new position in shares of Tourmaline Bio in the first quarter valued at approximately $158,000. GAMMA Investing LLC increased its stake in shares of Tourmaline Bio by 4,481.7% in the first quarter. GAMMA Investing LLC now owns 7,514 shares of the company's stock valued at $114,000 after buying an additional 7,350 shares during the period. Nuveen Asset Management LLC increased its position in Tourmaline Bio by 21.5% during the 4th 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 increased its position in Tourmaline Bio by 3.9% during the 1st 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, Wesbanco Bank Inc. acquired a new stake in Tourmaline Bio during the 2nd quarter valued at approximately $416,000. 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.

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