HC Wainwright Forecasts Strong Price Appreciation for Tourmaline Bio (NASDAQ:TRML) Stock

Tourmaline Bio (NASDAQ:TRML) had its target price upped by HC Wainwright from $49.00 to $50.00 in a report released on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also issued reports on TRML. Cantor Fitzgerald reiterated an “overweight” rating and set a $25.00 price objective on shares of Tourmaline Bio in a research note on Wednesday, December 11th. BMO Capital Markets began coverage on Tourmaline Bio in a research note on Friday, December 6th. They issued an “outperform” rating and a $50.00 target price for the company. Lifesci Capital began coverage on Tourmaline Bio in a research note on Monday, February 24th. They issued an “outperform” rating and a $58.00 target price for the company. Guggenheim restated a “buy” rating on shares of Tourmaline Bio in a research note on Wednesday, December 11th. Finally, Wedbush began coverage on Tourmaline Bio in a research note on Thursday, March 6th. They issued an “outperform” rating and a $42.00 target price for the company. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $53.14.

Tourmaline Bio Price Performance

Tourmaline Bio stock opened at $18.80 on Friday. The stock has a fifty day moving average price of $15.71 and a two-hundred day moving average price of $20.82. Tourmaline Bio has a 52-week low of $11.87 and a 52-week high of $45.55. The firm has a market capitalization of $482.09 million, a P/E ratio of -6.67 and a beta of 2.35.

Tourmaline Bio (NASDAQ:TRML) last released its quarterly earnings data on Thursday, March 13th. The company reported ($0.86) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.91) by $0.05. The company had revenue of $0.04 million for the quarter. On average, equities research analysts predict that Tourmaline Bio will post -3.02 EPS for the current fiscal year.

Institutional Trading of Tourmaline Bio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jennison Associates LLC increased its position in Tourmaline Bio by 2.2% in the third quarter. Jennison Associates LLC now owns 1,151,973 shares of the company’s stock worth $29,617,000 after purchasing an additional 24,282 shares during the period. Vanguard Group Inc. increased its position in Tourmaline Bio by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 1,106,125 shares of the company’s stock worth $22,432,000 after purchasing an additional 43,652 shares during the period. Adage Capital Partners GP L.L.C. acquired a new stake in Tourmaline Bio in the fourth quarter worth about $12,168,000. Geode Capital Management LLC increased its position in Tourmaline Bio by 6.4% in the third quarter. Geode Capital Management LLC now owns 482,078 shares of the company’s stock worth $12,396,000 after purchasing an additional 29,005 shares during the period. Finally, Velan Capital Investment Management LP boosted its holdings in Tourmaline Bio by 28.0% during the fourth quarter. Velan Capital Investment Management LP now owns 423,795 shares of the company’s stock worth $8,595,000 after buying an additional 92,605 shares during the last quarter. 91.89% of the stock is currently owned by institutional investors and hedge funds.

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.