Adage Capital Partners GP L.L.C. Acquires New Position in Tourmaline Bio, Inc. (NASDAQ:TRML)

Adage Capital Partners GP L.L.C. bought a new position in Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 600,000 shares of the company's stock, valued at approximately $12,168,000. Adage Capital Partners GP L.L.C. owned 2.34% of Tourmaline Bio as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Tourmaline Bio by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 1,106,125 shares of the company's stock worth $22,432,000 after buying an additional 43,652 shares during the period. Geode Capital Management LLC increased its stake in Tourmaline Bio by 6.4% in the 3rd quarter. Geode Capital Management LLC now owns 482,078 shares of the company's stock worth $12,396,000 after purchasing an additional 29,005 shares during the period. Pictet Asset Management Holding SA lifted its position in Tourmaline Bio by 69.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 419,883 shares of the company's stock valued at $8,515,000 after purchasing an additional 172,743 shares during the last quarter. Nan Fung Group Holdings Ltd boosted its stake in shares of Tourmaline Bio by 27.4% during the fourth quarter. Nan Fung Group Holdings Ltd now owns 187,090 shares of the company's stock valued at $3,794,000 after purchasing an additional 40,290 shares during the period. Finally, Polymer Capital Management HK LTD purchased a new stake in shares of Tourmaline Bio during the fourth quarter valued at approximately $1,610,000. 91.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Tourmaline Bio Trading Down 8.7 %

Tourmaline Bio stock traded down $1.55 during trading hours on Friday, hitting $16.30. 672,662 shares of the stock traded hands, compared to its average volume of 270,000. Tourmaline Bio, Inc. has a one year low of $11.56 and a one year high of $29.79. The firm's 50-day moving average price is $15.22 and its two-hundred day moving average price is $19.17. The company 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) earnings per share for the quarter, beating the consensus estimate of ($0.91) by $0.02. On average, sell-side 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.