Tourmaline Bio (NASDAQ:TRML) Cut to Neutral at 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 equities researchers at Chardan Capital from a "buy" rating to a "neutral" rating in a research note issued to investors on Wednesday, MarketBeat.com 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 would suggest a potential upside of 0.68% from the stock's current price.

Other equities analysts also recently issued reports about the company. Wedbush downgraded Tourmaline Bio from an "outperform" rating to a "neutral" rating and set a $48.00 target price for the company. in a research note on Tuesday, September 9th. Guggenheim cut Tourmaline Bio from a "buy" rating to a "hold" rating in a report on Tuesday, September 9th. Lifesci Capital cut Tourmaline Bio from an "outperform" rating to a "hold" rating and set a $48.00 price target on the stock. in a report on Tuesday, September 9th. Finally, Jefferies Financial Group cut Tourmaline Bio from a "buy" rating to a "hold" rating and lowered their price target for the stock from $64.00 to $47.50 in a report on Tuesday, September 9th. One analyst has rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, Tourmaline Bio currently has an average rating of "Hold" and an average target price of $45.65.

Tourmaline Bio Stock Up 0.1%

TRML traded up $0.07 on Wednesday, hitting $47.68. 541,439 shares of the company traded hands, compared to its average volume of 444,469. The company has a 50 day moving average of $23.54 and a 200-day moving average of $18.66. The stock has a market capitalization of $1.22 billion, a PE ratio of -13.90 and a beta of 2.04. Tourmaline Bio has a 12-month low of $11.56 and a 12-month high of $47.70.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TRML. Tower Research Capital LLC TRC raised its position in Tourmaline Bio by 297.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,646 shares of the company's stock valued at $33,000 after purchasing an additional 1,232 shares during the period. Northern Trust Corp raised its position in Tourmaline Bio by 7.1% in the fourth quarter. Northern Trust Corp now owns 204,786 shares of the company's stock valued at $4,153,000 after purchasing an additional 13,603 shares during the period. Bank of America Corp DE raised its position in Tourmaline Bio by 87.6% in the fourth quarter. Bank of America Corp DE now owns 70,737 shares of the company's stock valued at $1,435,000 after purchasing an additional 33,028 shares during the period. Deutsche Bank AG raised its position in Tourmaline Bio by 54.1% in the fourth quarter. Deutsche Bank AG now owns 20,008 shares of the company's stock valued at $406,000 after purchasing an additional 7,025 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 during the period. 91.89% of the stock is owned by hedge funds and other 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.