Tourmaline Bio (NASDAQ:TRML) Given New $43.00 Price Target at Wedbush

Tourmaline Bio (NASDAQ:TRML) had its price target hoisted by equities researchers at Wedbush from $42.00 to $43.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price objective would indicate a potential upside of 141.03% from the stock’s previous close.

Several other research firms have also issued reports on TRML. BMO Capital Markets started coverage on Tourmaline Bio in a research report on Friday, December 6th. They issued an “outperform” rating and a $50.00 price target for the company. Lifesci Capital began coverage on Tourmaline Bio in a report on Monday, February 24th. They issued an “outperform” rating and a $58.00 target price on the stock. Guggenheim reissued a “buy” rating on shares of Tourmaline Bio in a report on Wednesday, December 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $25.00 price objective on shares of Tourmaline Bio in a research report on Wednesday, December 11th. Finally, HC Wainwright raised their price objective on shares of Tourmaline Bio from $49.00 to $50.00 and gave the company a “buy” rating in a research report on Friday. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $53.14.

Tourmaline Bio Stock Performance

Shares of Tourmaline Bio stock traded up $0.80 during trading on Friday, hitting $17.84. The company’s stock had a trading volume of 32,578 shares, compared to its average volume of 277,646. Tourmaline Bio has a 52 week low of $11.87 and a 52 week high of $45.55. The company has a fifty day simple moving average of $15.83 and a two-hundred day simple moving average of $20.84. The company has a market capitalization of $457.47 million, a PE ratio of -6.34 and a beta of 2.35.

Institutional Trading of Tourmaline Bio

Hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its stake in Tourmaline Bio by 6.4% during the 3rd quarter. Geode Capital Management LLC now owns 482,078 shares of the company’s stock worth $12,396,000 after purchasing an additional 29,005 shares during the last quarter. Wellington Management Group LLP boosted its position in Tourmaline Bio by 72.8% during the third quarter. Wellington Management Group LLP now owns 65,741 shares of the company’s stock worth $1,690,000 after acquiring an additional 27,707 shares during the last quarter. State Street Corp grew its stake in Tourmaline Bio by 25.6% during the 3rd quarter. State Street Corp now owns 411,980 shares of the company’s stock valued at $10,592,000 after acquiring an additional 83,949 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Tourmaline Bio by 3.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 63,571 shares of the company’s stock valued at $1,634,000 after acquiring an additional 2,147 shares during the last quarter. Finally, Barclays PLC grew its position in shares of Tourmaline Bio by 283.7% in the third quarter. Barclays PLC now owns 31,833 shares of the company’s stock valued at $819,000 after purchasing an additional 23,536 shares in the last quarter. 91.89% of the stock is owned by hedge funds and other 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.