Chardan Capital Reiterates “Buy” Rating for Tourmaline Bio (NASDAQ:TRML)

Tourmaline Bio (NASDAQ:TRML)‘s stock had its “buy” rating reissued by Chardan Capital in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $70.00 price target on the stock. Chardan Capital’s price target points to a potential upside of 381.43% from the stock’s current price.

A number of other research analysts also recently commented on TRML. HC Wainwright reissued a “buy” rating and issued a $50.00 price target on shares of Tourmaline Bio in a report on Monday. Wedbush increased their target price on Tourmaline Bio from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Friday, March 14th. Finally, Lifesci Capital initiated coverage on shares of Tourmaline Bio in a research note on Monday, February 24th. They issued an “outperform” rating and a $58.00 price target for the company. Seven analysts have rated the stock with a buy rating, According to MarketBeat, Tourmaline Bio presently has an average rating of “Buy” and an average price target of $49.33.

Tourmaline Bio Trading Down 8.7 %

NASDAQ TRML opened at $14.54 on Monday. The stock has a market cap of $373.46 million, a P/E ratio of -5.16 and a beta of 2.11. The company’s fifty day simple moving average is $15.32 and its 200-day simple moving average is $18.98. Tourmaline Bio has a 52 week low of $11.56 and a 52 week high of $29.79.

Tourmaline Bio (NASDAQ:TRML) last released its quarterly earnings results on Friday, May 2nd. The company reported ($0.89) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.91) by $0.02. On average, research analysts expect that Tourmaline Bio will post -3.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Tourmaline Bio

Large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC increased its stake in Tourmaline Bio by 3.9% during the first quarter. SG Americas Securities LLC now owns 36,180 shares of the company’s stock valued at $550,000 after purchasing an additional 1,368 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Tourmaline Bio by 4,481.7% during the 1st quarter. GAMMA Investing LLC now owns 7,514 shares of the company’s stock valued at $114,000 after buying an additional 7,350 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Tourmaline Bio by 4.3% during the 4th quarter. Wellington Management Group LLP now owns 68,599 shares of the company’s stock valued at $1,391,000 after buying an additional 2,858 shares during the last quarter. California State Teachers Retirement System raised its stake in Tourmaline Bio by 527.9% during the fourth quarter. California State Teachers Retirement System now owns 10,505 shares of the company’s stock worth $213,000 after acquiring an additional 8,832 shares during the period. Finally, Woodline Partners LP lifted its holdings in Tourmaline Bio by 1.6% in the fourth quarter. Woodline Partners LP now owns 161,721 shares of the company’s stock worth $3,280,000 after acquiring an additional 2,567 shares during the last quarter. 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.