Adage Capital Partners GP L.L.C. Cuts Stock Holdings in Tourmaline Bio, Inc. $TRML

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. decreased its position in shares of Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) by 16.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund 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 1.95% of Tourmaline Bio worth $7,605,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Tower Research Capital LLC TRC grew its holdings in shares of Tourmaline Bio by 297.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,646 shares of the company's stock valued at $33,000 after buying an additional 1,232 shares during the last quarter. Brooklyn Investment Group grew its holdings in shares of Tourmaline Bio by 148.9% during the first quarter. Brooklyn Investment Group now owns 3,923 shares of the company's stock valued at $60,000 after buying an additional 2,347 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Tourmaline Bio by 4,481.7% in the first quarter. GAMMA Investing LLC now owns 7,514 shares of the company's stock worth $114,000 after purchasing an additional 7,350 shares during the last quarter. Hsbc Holdings PLC purchased a new stake in Tourmaline Bio in the first quarter worth approximately $158,000. Finally, California State Teachers Retirement System boosted its holdings in Tourmaline Bio by 527.9% in the fourth quarter. California State Teachers Retirement System now owns 10,505 shares of the company's stock worth $213,000 after purchasing an additional 8,832 shares during the last quarter. Hedge funds and other institutional investors own 91.89% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TRML. Chardan Capital restated a "buy" rating and issued a $70.00 target price on shares of Tourmaline Bio in a report on Thursday, August 14th. Guggenheim restated a "buy" rating and issued a $55.00 target price on shares of Tourmaline Bio in a report on Thursday, August 14th. Seven research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $50.14.

Tourmaline Bio Trading Up 6.5%

TRML opened at $26.74 on Monday. Tourmaline Bio, Inc. has a 1-year low of $11.56 and a 1-year high of $29.79. The company has a market capitalization of $686.95 million, a PE ratio of -7.80 and a beta of 2.04. The firm's 50 day simple moving average is $20.75 and its two-hundred day simple moving average is $17.56.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported ($0.90) earnings per share for the quarter, topping the consensus estimate of ($0.94) by $0.04. Equities analysts forecast 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.

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