Tourmaline Bio, Inc. $TRML Shares Sold by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. has reduced its stake in Tourmaline Bio, Inc. by 16.7%, now holding 500,000 shares valued at approximately $7.6 million.
• Other institutional investors have increased their stakes significantly, with GAMMA Investing LLC boosting its holdings by 4,481.7% in Q1.
• Tourmaline Bio reported earnings of ($0.90) per share, slightly better than the consensus estimate of ($0.94).

Adage Capital Partners GP L.L.C. lowered its stake in shares of Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) by 16.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 500,000 shares of the company's stock after selling 100,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 1.95% of Tourmaline Bio worth $7,605,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in TRML. QVT Financial LP lifted its stake in Tourmaline Bio by 107.1% in the first quarter. QVT Financial LP now owns 1,473,369 shares of the company's stock valued at $22,410,000 after buying an additional 762,094 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of Tourmaline Bio by 13,036.0% in the 1st quarter. Federated Hermes Inc. now owns 121,245 shares of the company's stock worth $1,844,000 after acquiring an additional 120,322 shares during the period. Velan Capital Investment Management LP lifted its position in Tourmaline Bio by 28.0% in the 4th quarter. Velan Capital Investment Management LP now owns 423,795 shares of the company's stock valued at $8,595,000 after purchasing an additional 92,605 shares during the last quarter. Vanguard Group Inc. lifted its position in Tourmaline Bio by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 1,190,810 shares of the company's stock valued at $18,112,000 after purchasing an additional 84,685 shares during the last quarter. Finally, Nuveen LLC acquired a new position in Tourmaline Bio during the 1st quarter valued at about $1,180,000. 91.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on TRML. Piper Sandler lowered shares of Tourmaline Bio from an "overweight" rating to a "hold" rating and dropped their price target for the company from $65.00 to $48.00 in a research note on Thursday. Lifesci Capital lowered Tourmaline Bio from an "outperform" rating to a "hold" rating and set a $48.00 price objective for the company. in a report on Tuesday. Wedbush downgraded Tourmaline Bio from an "outperform" rating to a "neutral" rating and set a $48.00 target price on the stock. in a research note on Tuesday. Chardan Capital lowered Tourmaline Bio from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $70.00 to $48.00 in a research report on Wednesday. Finally, Guggenheim reissued a "neutral" rating and issued a $48.00 price target (down previously from $55.00) on shares of Tourmaline Bio in a research note on Wednesday. Two investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, Tourmaline Bio has a consensus rating of "Hold" and a consensus target price of $45.85.

Tourmaline Bio Trading Up 0.0%

NASDAQ:TRML traded up $0.01 during midday trading on Friday, hitting $47.61. 988,444 shares of the stock were exchanged, compared to its average volume of 1,560,002. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -13.88 and a beta of 2.04. Tourmaline Bio, Inc. has a one year low of $11.56 and a one year high of $47.70. The business has a 50-day moving average price of $23.54 and a two-hundred day moving average price of $18.58.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The company reported ($0.90) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.94) by $0.04. Sell-side analysts forecast that Tourmaline Bio, Inc. will post -3.02 EPS 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.