Tourmaline Bio (NASDAQ:TRML) Upgraded by Cantor Fitzgerald to Strong-Buy

Cantor Fitzgerald upgraded shares of Tourmaline Bio (NASDAQ:TRML - Free Report) to a strong-buy rating in a report published on Tuesday morning, Zacks.com reports.

Separately, HC Wainwright restated a "buy" rating and issued a $48.00 price target on shares of Tourmaline Bio in a research report on Monday, August 12th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Tourmaline Bio presently has a consensus rating of "Buy" and an average price target of $61.80.

Tourmaline Bio Trading Up 8.0 %

TRML traded up $2.05 during trading on Tuesday, hitting $27.80. The stock had a trading volume of 556,890 shares, compared to its average volume of 314,353. The firm has a market cap of $712.99 million, a PE ratio of -4.28 and a beta of 2.37. Tourmaline Bio has a 12 month low of $9.18 and a 12 month high of $48.31. The company has a 50 day simple moving average of $20.02 and a 200-day simple moving average of $17.21.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.68) EPS for the quarter, topping analysts' consensus estimates of ($0.72) by $0.04. As a group, sell-side analysts anticipate that Tourmaline Bio will post -3.12 earnings per share for the current fiscal year.

Insider Activity

In other Tourmaline Bio news, CEO Sandeep Chidambar Kulkarni bought 5,221 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were acquired at an average price of $13.79 per share, with a total value of $71,997.59. Following the completion of the purchase, the chief executive officer now directly owns 5,221 shares in the company, valued at $71,997.59. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 11.02% of the stock is owned by company insiders.

Institutional Trading of Tourmaline Bio

Several institutional investors have recently bought and sold shares of TRML. Avoro Capital Advisors LLC grew its stake in Tourmaline Bio by 155.9% during the first quarter. Avoro Capital Advisors LLC now owns 2,222,222 shares of the company's stock worth $50,889,000 after buying an additional 1,353,815 shares during the last quarter. Blue Owl Capital Holdings LP grew its position in Tourmaline Bio by 18.5% during the 2nd quarter. Blue Owl Capital Holdings LP now owns 1,715,401 shares of the company's stock worth $22,060,000 after acquiring an additional 268,000 shares during the last quarter. Jennison Associates LLC acquired a new stake in Tourmaline Bio during the 1st quarter valued at $25,539,000. Vanguard Group Inc. raised its position in Tourmaline Bio by 19.7% in the 1st quarter. Vanguard Group Inc. now owns 914,519 shares of the company's stock valued at $20,942,000 after purchasing an additional 150,767 shares during the last quarter. Finally, Qiming U.S. Ventures Management LLC boosted its stake in Tourmaline Bio by 15.6% in the first quarter. Qiming U.S. Ventures Management LLC now owns 741,691 shares of the company's stock worth $16,985,000 after purchasing an additional 100,000 shares in the last quarter. Institutional investors and hedge funds 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.