Tourmaline Bio (NASDAQ:TRML) Price Target Raised to $49.00 at HC Wainwright

Tourmaline Bio (NASDAQ:TRML - Free Report) had its price target boosted by HC Wainwright from $48.00 to $49.00 in a research note released on Monday, Marketbeat Ratings reports. HC Wainwright currently has a buy rating on the stock.

Separately, Cantor Fitzgerald upgraded Tourmaline Bio to a "strong-buy" rating in a research report on Tuesday, October 15th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $65.00.

Tourmaline Bio Trading Down 1.5 %

TRML traded down $0.44 during trading on Monday, hitting $28.32. The company's stock had a trading volume of 170,130 shares, compared to its average volume of 301,638. Tourmaline Bio has a twelve month low of $12.12 and a twelve month high of $48.31. The firm has a market capitalization of $726.12 million, a price-to-earnings ratio of -10.04 and a beta of 2.36. The business's fifty day simple moving average is $24.44 and its 200 day simple moving average is $18.25.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.78) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.84) by $0.06. As a group, equities research analysts forecast that Tourmaline Bio will post -3.08 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Sandeep Chidambar Kulkarni purchased 5,221 shares of Tourmaline Bio stock in a transaction dated Friday, August 16th. The shares were purchased at an average price of $13.79 per share, with a total value of $71,997.59. Following the transaction, the chief executive officer now owns 5,221 shares in the company, valued at $71,997.59. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 11.02% of the company's stock.

Institutional Trading of Tourmaline Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets purchased a new stake in Tourmaline Bio during the first quarter worth about $31,000. Quest Partners LLC increased its stake in Tourmaline Bio by 134.0% during the 2nd quarter. Quest Partners LLC now owns 3,822 shares of the company's stock worth $49,000 after buying an additional 2,189 shares during the period. China Universal Asset Management Co. Ltd. lifted its holdings in Tourmaline Bio by 63.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 4,932 shares of the company's stock worth $127,000 after buying an additional 1,920 shares in the last quarter. Janus Henderson Group PLC purchased a new position in Tourmaline Bio in the 1st quarter valued at approximately $266,000. Finally, California State Teachers Retirement System acquired a new position in shares of Tourmaline Bio in the first quarter worth $334,000. Hedge funds and other institutional investors own 91.89% of the company's stock.

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.