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

BMO Capital Markets lowered shares of Tourmaline Bio (NASDAQ:TRML) from an outperform rating to a market perform rating in a research note issued to investors on Monday morning, Marketbeat reports. The firm currently has $48.00 price objective on the stock, up from their previous price objective of $35.00.

A number of other equities research analysts have also issued reports on the stock. Jefferies Financial Group lowered shares of Tourmaline Bio from a “buy” rating to a “hold” rating and cut their target price for the company from $64.00 to $47.50 in a research note on Tuesday, September 9th. HC Wainwright lowered shares of Tourmaline Bio from a “buy” rating to a “neutral” rating and cut their target price for the company from $50.00 to $48.00 in a research note on Wednesday, September 10th. Lifesci Capital downgraded shares of Tourmaline Bio from an “outperform” rating to a “hold” rating and set a $48.00 price objective for the company. in a research report on Tuesday, September 9th. Piper Sandler downgraded shares of Tourmaline Bio from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $65.00 to $48.00 in a research report on Thursday, September 11th. Finally, Truist Financial downgraded shares of Tourmaline Bio from a “buy” rating to a “hold” rating and lowered their price objective for the company from $63.00 to $48.00 in a research report on Wednesday, September 10th. One equities research analyst has rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, Tourmaline Bio currently has a consensus rating of “Hold” and a consensus target price of $45.65.

Tourmaline Bio Stock Performance

Shares of Tourmaline Bio stock opened at $47.65 on Monday. The firm has a market cap of $1.22 billion, a PE ratio of -13.89 and a beta of 2.04. The firm’s 50-day simple moving average is $24.17 and its 200-day simple moving average is $18.90. Tourmaline Bio has a 1 year low of $11.56 and a 1 year high of $47.70.

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

Institutional Trading of Tourmaline Bio

A number of large investors have recently added to or reduced their stakes in TRML. BNP Paribas Financial Markets boosted its holdings in 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 buying an additional 535 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Tourmaline Bio by 35.7% during the second quarter. Tower Research Capital LLC TRC now owns 3,214 shares of the company’s stock worth $51,000 after buying an additional 846 shares in the last quarter. Brooklyn Investment Group boosted its holdings in Tourmaline Bio by 148.9% during the first quarter. Brooklyn Investment Group now owns 3,923 shares of the company’s stock worth $60,000 after buying an additional 2,347 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Tourmaline Bio by 4,481.7% during the first quarter. GAMMA Investing LLC now owns 7,514 shares of the company’s stock worth $114,000 after buying an additional 7,350 shares in the last quarter. Finally, Hsbc Holdings PLC bought a new stake in Tourmaline Bio during the first quarter worth approximately $158,000. 91.89% of the stock is currently owned by institutional investors.

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.