Tourmaline Bio (NASDAQ:TRML) Shares Gap Up - Should You Buy?

Key Points

• Tourmaline Bio's share price gapped up significantly from a previous close of $30.18 to an opening of $47.62, with the stock last trading at $47.68.
• Analysts have mixed views with six ratings as "Buy" and one as "Hold," while the target prices range from $48 to $70, indicating a potential for further growth.
• The company reported a quarterly earnings per share of ($0.90), beating estimates, with forecasts suggesting a fiscal year EPS of -3.02.

Tourmaline Bio, Inc. (NASDAQ:TRML - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $30.18, but opened at $47.62. Tourmaline Bio shares last traded at $47.68, with a volume of 12,741,396 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts recently commented on TRML shares. HC Wainwright downgraded shares of Tourmaline Bio from a "buy" rating to a "neutral" rating and reduced their price target for the company from $50.00 to $48.00 in a research report on Wednesday. Chardan Capital downgraded shares of Tourmaline Bio from a "buy" rating to a "neutral" rating and reduced their price target for the company from $70.00 to $48.00 in a research report on Wednesday. Lifesci Capital downgraded shares of Tourmaline Bio from an "outperform" rating to a "hold" rating and set a $48.00 price target for the company. in a research report on Tuesday, September 9th. Wedbush downgraded shares of Tourmaline Bio from an "outperform" rating to a "neutral" rating and set a $48.00 price target for the company. in a research report on Tuesday, September 9th. Finally, Piper Sandler downgraded shares of Tourmaline Bio from an "overweight" rating to a "hold" rating and reduced their price target for the company from $65.00 to $48.00 in a research report on Thursday. Two equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, Tourmaline Bio has a consensus rating of "Hold" and an average price target of $45.85.

Tourmaline Bio Stock Performance

The stock has a market cap of $1.22 billion, a price-to-earnings ratio of -13.88 and a beta of 2.04. The company's 50 day simple moving average is $23.54 and its two-hundred day simple moving average is $18.62.

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, beating the consensus estimate of ($0.94) by $0.04. On average, equities research analysts predict that Tourmaline Bio, Inc. will post -3.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC increased its stake in 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 buying an additional 846 shares during the period. BBR Partners LLC increased its stake in shares of Tourmaline Bio by 50.0% during the 2nd quarter. BBR Partners LLC now owns 15,000 shares of the company's stock worth $240,000 after purchasing an additional 5,000 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Tourmaline Bio by 34.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,103 shares of the company's stock worth $34,000 after purchasing an additional 535 shares during the last quarter. Balyasny Asset Management L.P. increased its stake in shares of Tourmaline Bio by 2.0% during the 2nd quarter. Balyasny Asset Management L.P. now owns 604,561 shares of the company's stock worth $9,667,000 after purchasing an additional 11,586 shares during the last quarter. Finally, QVT Financial LP increased its stake in shares of Tourmaline Bio by 46.2% during the 2nd quarter. QVT Financial LP now owns 2,154,653 shares of the company's stock worth $34,453,000 after purchasing an additional 681,284 shares during the last quarter. Institutional investors and hedge funds own 91.89% of the company's stock.

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.