Tourmaline Bio (NASDAQ:TRML) Lowered to Neutral Rating by Chardan Capital

Key Points

• Chardan Capital has maintained a "neutral" rating on Tourmaline Bio (TRML), lowering its price target from $70.00 to $48.00, which indicates a potential upside of just 0.76%.
• Analyst ratings are mixed, with two analysts rating the stock as Buy, six as Hold, and an average price target of $46.19.
• Tourmaline Bio's market cap is currently $1.22 billion, and the company's stock has experienced a significant increase, trading at $47.64 after substantial gains.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) was downgraded by analysts at Chardan Capital from a "buy" rating to a "neutral" rating in a research note issued to investors on Wednesday, MarketBeat reports. They presently have a $48.00 target price on the stock, down from their prior target price of $70.00. Chardan Capital's target price suggests a potential upside of 0.82% from the company's current price.

A number of other equities research analysts have also recently weighed in on the company. Guggenheim cut Tourmaline Bio from a "buy" rating to a "hold" rating in a report on Tuesday. Jefferies Financial Group lowered shares of 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. Lifesci Capital cut shares of Tourmaline Bio from an "outperform" rating to a "hold" rating and set a $48.00 price objective on the stock. in a research report on Tuesday. Finally, Wedbush lowered Tourmaline Bio from an "outperform" rating to a "neutral" rating and set a $48.00 target price for the company. in a report on Tuesday. Two investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, Tourmaline Bio presently has an average rating of "Hold" and a consensus target price of $45.85.

Tourmaline Bio Price Performance

NASDAQ TRML traded up $0.01 during trading hours on Wednesday, hitting $47.61. The company had a trading volume of 988,444 shares, compared to its average volume of 1,560,002. Tourmaline Bio has a fifty-two week low of $11.56 and a fifty-two week high of $47.70. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -13.88 and a beta of 2.04. The firm's 50 day moving average is $23.54 and its 200 day moving average is $18.58.

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, topping the consensus estimate of ($0.94) by $0.04. On average, equities analysts anticipate that Tourmaline Bio will post -3.02 EPS for the current year.

Institutional Trading of Tourmaline Bio

Several hedge funds have recently modified their holdings of the stock. 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 valued at $34,000 after purchasing an additional 535 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in Tourmaline Bio by 35.7% in the second quarter. Tower Research Capital LLC TRC now owns 3,214 shares of the company's stock worth $51,000 after purchasing an additional 846 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Tourmaline Bio by 297.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,646 shares of the company's stock worth $33,000 after acquiring an additional 1,232 shares during the period. SG Americas Securities LLC raised its holdings in shares of Tourmaline Bio by 3.9% during the first quarter. SG Americas Securities LLC now owns 36,180 shares of the company's stock worth $550,000 after acquiring an additional 1,368 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Tourmaline Bio by 12.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,378 shares of the company's stock valued at $291,000 after purchasing an additional 1,598 shares in the last quarter. 91.89% of the stock is owned by institutional investors.

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.