Adage Capital Partners GP L.L.C. Buys Shares of 600,000 Tourmaline Bio, Inc. (NASDAQ:TRML)

Adage Capital Partners GP L.L.C. bought a new stake in Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 600,000 shares of the company's stock, valued at approximately $12,168,000. Adage Capital Partners GP L.L.C. owned approximately 2.34% of Tourmaline Bio at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of TRML. Tower Research Capital LLC TRC boosted its stake in Tourmaline Bio by 297.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,646 shares of the company's stock valued at $33,000 after acquiring an additional 1,232 shares in the last quarter. Nan Fung Group Holdings Ltd grew its stake in Tourmaline Bio by 27.4% during the 4th quarter. Nan Fung Group Holdings Ltd now owns 187,090 shares of the company's stock worth $3,794,000 after buying an additional 40,290 shares during the last quarter. Barclays PLC increased its position in Tourmaline Bio by 84.0% during the fourth quarter. Barclays PLC now owns 58,566 shares of the company's stock worth $1,187,000 after buying an additional 26,733 shares during the period. Legal & General Group Plc lifted its stake in Tourmaline Bio by 197.4% in the fourth quarter. Legal & General Group Plc now owns 15,443 shares of the company's stock valued at $313,000 after buying an additional 10,250 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Tourmaline Bio by 10.8% in the fourth quarter. Invesco Ltd. now owns 12,155 shares of the company's stock valued at $247,000 after acquiring an additional 1,181 shares during the period. 91.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TRML. Wedbush upped their price target on shares of Tourmaline Bio from $42.00 to $43.00 and gave the company an "outperform" rating in a research report on Friday, March 14th. Chardan Capital began coverage on shares of Tourmaline Bio in a research note on Wednesday, April 23rd. They set a "buy" rating and a $70.00 target price for the company. HC Wainwright boosted their price target on Tourmaline Bio from $49.00 to $50.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Finally, Lifesci Capital began coverage on Tourmaline Bio in a research report on Monday, February 24th. They set an "outperform" rating and a $58.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $49.33.

Tourmaline Bio Stock Performance

NASDAQ TRML traded down $1.55 during trading hours on Friday, reaching $16.30. The company's stock had a trading volume of 672,658 shares, compared to its average volume of 270,485. The company's 50-day moving average is $15.15 and its two-hundred day moving average is $19.29. Tourmaline Bio, Inc. has a fifty-two week low of $11.56 and a fifty-two week high of $29.79. The stock has a market cap of $418.67 million, a PE ratio of -5.78 and a beta of 2.14.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The company reported ($0.89) EPS for the quarter, beating the consensus estimate of ($0.91) by $0.02. Equities analysts expect that Tourmaline Bio, Inc. will post -3.02 earnings per share for the current fiscal year.

Tourmaline Bio Profile

Tourmaline Bio, Inc operates as a clinical biotechnology company that develops medicines for patients with life-altering immune and inflammatory diseases. It develops TOUR006, a human anti-IL-6 monoclonal antibody that selectively binds to interleukin-6, a key proinflammatory cytokine involved in the pathogenesis of many autoimmune and inflammatory disorders.