Analysts Issue Forecasts for Tourmaline Bio FY2024 Earnings

Tourmaline Bio, Inc. (NASDAQ:TRML) – Analysts at HC Wainwright dropped their FY2024 earnings estimates for Tourmaline Bio in a report released on Monday, November 11th. HC Wainwright analyst Y. Chen now anticipates that the company will post earnings of ($2.85) per share for the year, down from their previous forecast of ($2.79). HC Wainwright currently has a “Buy” rating and a $49.00 price target on the stock. The consensus estimate for Tourmaline Bio’s current full-year earnings is ($3.08) per share. HC Wainwright also issued estimates for Tourmaline Bio’s Q4 2024 earnings at ($0.82) EPS, Q1 2025 earnings at ($0.85) EPS, Q2 2025 earnings at ($0.86) EPS, Q3 2025 earnings at ($0.86) EPS and FY2025 earnings at ($3.43) EPS.

Separately, Cantor Fitzgerald raised Tourmaline Bio to a “strong-buy” rating in a research report on Tuesday, October 15th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $65.00.

Tourmaline Bio Price Performance

NASDAQ:TRML opened at $25.36 on Thursday. The company’s 50-day simple moving average is $25.26 and its 200 day simple moving average is $18.50. Tourmaline Bio has a one year low of $12.12 and a one year high of $48.31. The firm has a market capitalization of $650.23 million, a P/E ratio of -8.99 and a beta of 2.36.

Tourmaline Bio (NASDAQ:TRML) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.78) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.06.

Institutional Investors Weigh In On Tourmaline Bio

Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets purchased a new stake in Tourmaline Bio during the 1st quarter valued at $31,000. Quest Partners LLC boosted its position in shares of Tourmaline Bio by 134.0% during the second quarter. Quest Partners LLC now owns 3,822 shares of the company’s stock valued at $49,000 after buying an additional 2,189 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in Tourmaline Bio by 63.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 4,932 shares of the company’s stock worth $127,000 after buying an additional 1,920 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in Tourmaline Bio in the 3rd quarter worth about $226,000. Finally, Janus Henderson Group PLC purchased a new position in Tourmaline Bio in the 1st quarter worth about $266,000. 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.