Tourmaline Bio initiated with a Buy at Truist

Truist analyst Robyn Karnauskas initiated coverage of Tourmaline Bio with a Buy rating and $43 price target. Tourmaline is developing TOUR006, a differentiated anti-IL-6 with potential for low-volume, SC, infrequent administration that the firm sees as “best-in-class,” the analyst tells investors. The firm, which likes the commercial opportunity in lead indication thyroid eye disease, or TED, and potential upside in additional indications beyond TED, says its base case assumes $1.4B in unadjusted global peak sales for TOUR006 in TED.