Tourmaline Bio (NASDAQ:TRML) Downgraded to "Hold" Rating by Truist Financial

Key Points

• Truist Financial has reaffirmed its "hold" rating for Tourmaline Bio (NASDAQ:TRML) with a revised price target of $48.00, down from $63.00, suggesting a potential upside of only 0.81% from its current price.
• Multiple analysts have also downgraded their price targets for Tourmaline Bio, with the consensus price target now at $45.61.
• Tourmaline Bio has recently reported an EPS of (0.90), which beat analyst expectations, and institutional investors own approximately 91.89% of the company's stock.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) was downgraded by Truist Financial from a "buy" rating to a "hold" rating in a research report issued on Wednesday, Marketbeat reports. They currently have a $48.00 price objective on the stock, down from their prior price objective of $63.00. Truist Financial's target price indicates a potential upside of 0.68% from the company's current price.

A number of other brokerages have also commented on TRML. Guggenheim reaffirmed a "neutral" rating and set a $48.00 price objective (down previously from $55.00) on shares of Tourmaline Bio in a research report on Wednesday, September 10th. Wedbush cut Tourmaline Bio from an "outperform" rating to a "neutral" rating and set a $48.00 price target for the company. in a report on Tuesday, September 9th. Jefferies Financial Group downgraded Tourmaline Bio from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $64.00 to $47.50 in a research report on Tuesday, September 9th. Lifesci Capital cut 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, September 9th. Finally, Chardan Capital lowered Tourmaline Bio from a "buy" rating to a "neutral" rating and cut their target price for the company from $70.00 to $48.00 in a research note on Wednesday, September 10th. One research analyst has rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $45.65.

Tourmaline Bio Trading Up 0.1%

TRML traded up $0.07 during midday trading on Wednesday, reaching $47.68. The company's stock had a trading volume of 558,958 shares, compared to its average volume of 444,536. The company has a fifty day simple moving average of $23.54 and a 200 day simple moving average of $18.66. The stock has a market cap of $1.22 billion, a P/E ratio of -13.90 and a beta of 2.04. Tourmaline Bio has a twelve month low of $11.56 and a twelve month high of $47.70.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The company reported ($0.90) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.94) by $0.04. Sell-side analysts expect that Tourmaline Bio will post -3.02 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in TRML. Tower Research Capital LLC TRC grew 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 worth $33,000 after purchasing an additional 1,232 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Tourmaline Bio by 34.1% during the second quarter. BNP Paribas Financial Markets now owns 2,103 shares of the company's stock worth $34,000 after buying an additional 535 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Tourmaline Bio by 35.7% during the second quarter. Tower Research Capital LLC TRC now owns 3,214 shares of the company's stock worth $51,000 after buying an additional 846 shares in the last quarter. Brooklyn Investment Group raised its stake in shares of Tourmaline Bio by 148.9% in the first quarter. Brooklyn Investment Group now owns 3,923 shares of the company's stock valued at $60,000 after acquiring an additional 2,347 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings 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 worth $114,000 after acquiring an additional 7,350 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.