Tourmaline Bio price target raised to $74 from $43 at Truist

Truist raised the firm’s price target on Tourmaline Bio to $74 from $43 and keeps a Buy rating on the shares. The analyst has increased conviction for the opportunity for TOUR006 across additional disease states given growing recognition of the role IL-6 plays in autoimmune disorders. TOUR006 will be a player in multiple areas, potentially where FcRn efficacy is lacking, says the firm, which added model platform value to reflect this expanded opportunity. In a separate note this morning, Truist said Tourmaline Bio could see weakness today after Chugai Pharmaceutical’s topline data from the Phase 3 LUMINESCE study of Enspryng, an investigational treatment for generalized myasthenia, failed to meet statistical significance.