Tourmaline Bio initiated with a Buy at Guggenheim on TED potential

Guggenheim initiated coverage of Tourmaline Bio with a Buy rating and $50 price target. The firm’s thesis for Tourmaline Bio is based on the “strong scientific and clinical data” supporting a role for IL-6 in Thyroid Eye Disease, or TED, disease progression, says the analyst, who views Tourmaline’s lead asset TOUR006, which is in-licensed from Pfizer (PFE), as “a best-in-class anti-IL-6 therapy in development for TED.” With a superior product profile, the firm thinks the IL-6 class, led by TOUR006, can take up to 30% of the total acute TED market and estimate peak sales of $1.25B in TED if approved.