Tourmaline Bio price target raised to $43 from $42 at Wedbush

Wedbush raised the firm’s price target on Tourmaline Bio (TRML) to $43 from $42 and keeps an Outperform rating on the shares. All key Tourmaline Bio development timelines remain on track, including Phase 2b TRANQUILITY data which is expected in Q2 2025, the firm notes. Additionally, management narrowed cash runway guidance to the second half of 2027. At this stage, Wedbush is looking for 80%-plus reductions in hsCRP and 80%-plus of patients reaching hsCRPless than2mg/L. This would keep results competitive with Novo Nordisk’s (NVO) ziltivekimab Phase 2 RESCUE data. If this is done with the quarterly doses of pacibekitug, the firm thinks this would be a positive step forward.