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

Tourmaline Bio (NASDAQ:TRML) was upgraded by equities research analysts at Cantor Fitzgerald to a “strong-buy” rating in a report released on Tuesday, Zacks.com reports.

Separately, HC Wainwright reissued a “buy” rating and set a $48.00 price target on shares of Tourmaline Bio in a research report on Monday, August 12th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $61.80.

Tourmaline Bio Price Performance

NASDAQ TRML opened at $25.75 on Tuesday. The company has a 50-day moving average of $19.74 and a 200-day moving average of $17.13. Tourmaline Bio has a 12 month low of $9.18 and a 12 month high of $48.31. The company has a market cap of $660.41 million, a P/E ratio of -3.96 and a beta of 2.37.

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

Insider Activity at Tourmaline Bio

In related news, CEO Sandeep Chidambar Kulkarni purchased 5,221 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was purchased at an average cost of $13.79 per share, for a total transaction of $71,997.59. Following the acquisition, the chief executive officer now owns 5,221 shares in the company, valued at approximately $71,997.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 11.02% of the company’s stock.

Hedge Funds Weigh In On Tourmaline Bio

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets purchased a new stake in shares of Tourmaline Bio during the first quarter valued at approximately $31,000. Quest Partners LLC grew its holdings in Tourmaline Bio by 134.0% during the 2nd quarter. Quest Partners LLC now owns 3,822 shares of the company’s stock valued at $49,000 after purchasing an additional 2,189 shares in the last quarter. Denali Advisors LLC purchased a new stake in Tourmaline Bio during the 1st quarter worth $128,000. Janus Henderson Group PLC purchased a new stake in shares of Tourmaline Bio during the first quarter worth about $266,000. Finally, California State Teachers Retirement System purchased a new position in Tourmaline Bio in the first quarter valued at about $334,000. 91.89% of the stock is owned by institutional investors and hedge funds.

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.