Tourmaline Bio (NASDAQ:TRML) Upgraded at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Tourmaline Bio (NASDAQ:TRML) to a strong-buy rating in a research note issued to investors on Tuesday morning, Zacks.com reports. Cantor Fitzgerald also issued estimates for Tourmaline Bio’s FY2024 earnings at ($2.85) EPS.

Separately, HC Wainwright reiterated a “buy” rating and issued a $48.00 price objective on shares of Tourmaline Bio in a research note on Monday, August 12th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $61.80.

Tourmaline Bio Price Performance

TRML stock opened at $29.13 on Tuesday. Tourmaline Bio has a 12 month low of $9.18 and a 12 month high of $48.31. The firm has a market cap of $746.89 million, a PE ratio of -7.92 and a beta of 2.37. The firm has a 50 day simple moving average of $20.31 and a 200 day simple moving average of $17.29.

Tourmaline Bio (NASDAQ:TRML) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.68) EPS for the quarter, beating the consensus estimate of ($0.72) by $0.04. As a group, sell-side analysts expect that Tourmaline Bio will post -3.12 earnings per share for the current year.

Insider Buying and Selling at Tourmaline Bio

In related news, CEO Sandeep Chidambar Kulkarni purchased 5,221 shares of Tourmaline Bio stock in a transaction on Friday, August 16th. The stock was purchased at an average cost of $13.79 per share, with a total value of $71,997.59. Following the acquisition, the chief executive officer now directly owns 5,221 shares in the company, valued at approximately $71,997.59. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 11.02% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets bought a new stake in shares of Tourmaline Bio in the first quarter worth $31,000. Quest Partners LLC lifted its position in shares of Tourmaline Bio by 134.0% in the second quarter. Quest Partners LLC now owns 3,822 shares of the company’s stock worth $49,000 after purchasing an additional 2,189 shares in the last quarter. Denali Advisors LLC bought a new stake in shares of Tourmaline Bio in the first quarter worth $128,000. Janus Henderson Group PLC bought a new stake in shares of Tourmaline Bio in the first quarter worth $266,000. Finally, AlphaCentric Advisors LLC lifted its position in shares of Tourmaline Bio by 22.7% in the second quarter. AlphaCentric Advisors LLC now owns 75,000 shares of the company’s stock worth $964,000 after purchasing an additional 13,900 shares in the last quarter. 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.