Jennison Associates LLC Has $1.80 Million Stake in Tourmaline Bio, Inc. (NASDAQ:TRML)

Jennison Associates LLC reduced its position in shares of Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) by 86.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 118,487 shares of the company's stock after selling 727,313 shares during the quarter. Jennison Associates LLC owned about 0.46% of Tourmaline Bio worth $1,802,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC boosted its stake in Tourmaline Bio by 297.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,646 shares of the company's stock valued at $33,000 after purchasing an additional 1,232 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Tourmaline Bio during the 4th quarter valued at $47,000. Virtus ETF Advisers LLC acquired a new stake in shares of Tourmaline Bio during the 4th quarter valued at $64,000. GAMMA Investing LLC lifted its position in shares of Tourmaline Bio by 4,481.7% during the 1st quarter. GAMMA Investing LLC now owns 7,514 shares of the company's stock valued at $114,000 after acquiring an additional 7,350 shares during the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of Tourmaline Bio by 527.9% during the 4th quarter. California State Teachers Retirement System now owns 10,505 shares of the company's stock valued at $213,000 after acquiring an additional 8,832 shares during the last quarter. 91.89% of the stock is owned by institutional investors.

Tourmaline Bio Stock Up 2.1%

Shares of TRML traded up $0.39 during mid-day trading on Thursday, reaching $19.33. The company's stock had a trading volume of 55,897 shares, compared to its average volume of 297,005. The business has a fifty day moving average of $17.26 and a 200 day moving average of $16.18. The company has a market cap of $496.47 million, a price-to-earnings ratio of -6.03 and a beta of 2.00. Tourmaline Bio, Inc. has a 1 year low of $11.56 and a 1 year high of $29.79.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The company reported ($0.89) earnings per share for the quarter, topping analysts' consensus estimates of ($0.91) by $0.02. On average, analysts predict that Tourmaline Bio, Inc. will post -3.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on TRML shares. HC Wainwright reiterated a "buy" rating and set a $50.00 price objective on shares of Tourmaline Bio in a research report on Monday, May 5th. Chardan Capital reiterated a "buy" rating and set a $70.00 price objective on shares of Tourmaline Bio in a research report on Monday, May 5th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $49.33.

About Tourmaline Bio

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.