Tourmaline Bio (NASDAQ:TRML) Downgraded by BMO Capital Markets to Market Perform

Tourmaline Bio (NASDAQ:TRML) was downgraded by analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a report released on Monday, MarketBeat reports. They presently have a $48.00 target price on the stock, up from their previous target price of $35.00. BMO Capital Markets’ price objective indicates a potential upside of 0.73% from the company’s previous close.

Several other equities analysts also recently issued reports on TRML. HC Wainwright downgraded shares of Tourmaline Bio from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $50.00 to $48.00 in a research note on Wednesday, September 10th. Truist Financial cut Tourmaline Bio from a “buy” rating to a “hold” rating and lowered their price target for the company from $63.00 to $48.00 in a report on Wednesday, September 10th. 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 note on Wednesday, September 10th. Jefferies Financial Group cut shares of Tourmaline Bio from a “buy” rating to a “hold” rating and decreased their target price for the stock from $64.00 to $47.50 in a research report on Tuesday, September 9th. Finally, Lifesci Capital lowered shares of Tourmaline Bio from an “outperform” rating to a “hold” rating and set a $48.00 price target on the stock. in a report on Tuesday, September 9th. One analyst has rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $45.65.

Tourmaline Bio Trading Up 0.1%

Shares of Tourmaline Bio stock traded up $0.04 on Monday, reaching $47.65. 964,168 shares of the stock were exchanged, compared to its average volume of 447,113. The firm has a market capitalization of $1.22 billion, a PE ratio of -13.89 and a beta of 2.04. Tourmaline Bio has a 1-year low of $11.56 and a 1-year high of $47.70. The business has a fifty day moving average price of $23.54 and a two-hundred day moving average price of $18.66.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC raised its position in shares of Tourmaline Bio by 35.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,214 shares of the company’s stock valued at $51,000 after acquiring an additional 846 shares in the last quarter. BBR Partners LLC increased its stake in Tourmaline Bio by 50.0% during the second quarter. BBR Partners LLC now owns 15,000 shares of the company’s stock valued at $240,000 after purchasing an additional 5,000 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of 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 period. Balyasny Asset Management L.P. raised its stake in Tourmaline Bio by 2.0% during the second quarter. Balyasny Asset Management L.P. now owns 604,561 shares of the company’s stock worth $9,667,000 after acquiring an additional 11,586 shares during the period. Finally, QVT Financial LP raised its position in shares of Tourmaline Bio by 46.2% during the 2nd quarter. QVT Financial LP now owns 2,154,653 shares of the company’s stock worth $34,453,000 after purchasing an additional 681,284 shares during the period. 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.