On Wednesday, Jefferies, a global investment banking firm, updated its outlook on Tourmaline Bio (NASDAQ: TRML), significantly raising the stock's price target from $41.00 to $72.00 while maintaining a Buy rating. The adjustment follows a series of investor meetings and growing evidence supporting the company's pharmaceutical developments.
Tourmaline Bio has been generating interest with its lead indication, a Phase 2/3 study on the effectiveness of its therapeutic candidate in treating Thyroid Eye Disease (TED). The data from this study is expected to be available in the first half of 2025 or 2026. Additionally, the company has shown a positive signal from its late-breaking data at the American Academy of Neurology concerning its treatment for generalized myasthenia gravis (gMG).
The firm's analyst highlighted the potential for more upside than downside for Tourmaline Bio, based on the recent developments. This optimism is also bolstered by strong interest in the company's work on atherosclerotic cardiovascular disease (ASCVD), with three ongoing Phase 3 outcome studies conducted by Novo Nordisk (NYSE:NVO).
In light of these developments, Jefferies has updated its model to reflect the upside potential for the biotechnology company. The new price target of $72.00 represents a significant increase and indicates confidence in the future performance of Tourmaline Bio's stock.
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