Piper Sandler, a leading investment bank, has recently initiated coverage of Tourmaline Bio (NASDAQ: TRML) with an overweight rating. The company is expected to become a prominent player in the field of inflammation and immunology.

This positive rating comes as a result of Piper Sandler’s analysis of Tourmaline Bio’s drug candidate TOUR006. This differentiated IL-6 antibody is poised to address the high unmet need in the treatment of thyroid eye disease. Moreover, the drug holds the potential to disrupt the current market for atherosclerotic cardiovascular disease treatment, offering more convenient dosing and promising proof-of-concept data.

The investment bank highlights four upcoming catalysts that could drive the company’s growth. In the first half of 2025, Tourmaline Bio is expected to release Phase 2b data for thyroid eye disease. Additionally, the company aims for FDA alignment in Q4 2023 for a Phase 2 cardiovascular trial scheduled in 2024.

Piper Sandler believes that with these four direct catalysts and 27 indirect IL-6 catalysts on the horizon, TRML presents significant upside potential, making it an attractive investment opportunity. The bank has set a price target for the stock at $65.

Tourmaline Bio recently went public through a merger with Talaris Therapeutics, a significant milestone for the company. Furthermore, Pfizer (PFE) disclosed holding a 6.26% passive stake in Tourmaline, suggesting confidence in its growth prospects.