Truist Financial Downgrades Tourmaline Bio (NASDAQ:TRML) to Hold

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 equities research analysts at Truist Financial from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. They presently have a $48.00 price target on the stock, down from their previous price target of $63.00. Truist Financial's target price would suggest a potential upside of 0.84% from the company's previous close.

Other equities analysts also recently issued reports about the company. HC Wainwright downgraded Tourmaline Bio from a "buy" rating to a "neutral" rating and dropped their target price for the company from $50.00 to $48.00 in a research report on Wednesday. Guggenheim reaffirmed a "neutral" rating and issued a $48.00 target price (down from $55.00) on shares of Tourmaline Bio in a research report on Wednesday. Chardan Capital downgraded Tourmaline Bio from a "buy" rating to a "neutral" rating and dropped their target price for the company from $70.00 to $48.00 in a research report on Wednesday. Wedbush downgraded Tourmaline Bio from an "outperform" rating to a "neutral" rating and set a $48.00 price objective for the company. in a research report on Tuesday. Finally, Jefferies Financial Group downgraded Tourmaline Bio from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $64.00 to $47.50 in a research report on Tuesday. Two analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Tourmaline Bio currently has an average rating of "Hold" and an average target price of $45.61.

Tourmaline Bio Price Performance

NASDAQ TRML opened at $47.60 on Wednesday. The company has a market cap of $1.22 billion, a P/E ratio of -13.88 and a beta of 2.04. The stock has a 50-day moving average of $22.30 and a two-hundred day moving average of $18.09. Tourmaline Bio has a 1-year low of $11.56 and a 1-year high of $47.69.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last released its earnings results 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, analysts anticipate that Tourmaline Bio will post -3.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Tourmaline Bio

Several institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets lifted 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 purchasing an additional 535 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake 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 valued at $51,000 after buying an additional 846 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake 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 buying an additional 1,232 shares during the last quarter. SG Americas Securities LLC lifted its stake in Tourmaline Bio by 3.9% in the first quarter. SG Americas Securities LLC now owns 36,180 shares of the company's stock valued at $550,000 after buying an additional 1,368 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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 buying an additional 1,598 shares during the last quarter. Hedge funds and other institutional investors 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.