Tourmaline Bio price target raised to $49 from $48 at H.C. Wainwright

H.C. Wainwright analyst Yi Chen raised the firm’s price target on Tourmaline Bio (TRML) to $49 from $48 and keeps a Buy rating on the shares after the company reported Q3 results. Management noted that the ongoing Phase 2b spiriTED trial of pacibekitug in thyroid eye disease is expected to report topline results in 2H25, and that a Phase 3 trial of pacibekitug is on track to start in 2H24, the analyst tells investors in a research note. The firm continues to believe that pacibekitug has the potential to become the first-line therapy for TED, and its current estimate market value of the firm is roughly $1.26B, or $49 per share.