Jennison Associates LLC Sells 727,313 Shares of Tourmaline Bio, Inc. (NASDAQ:TRML)

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

A number of other institutional investors also recently modified their holdings of TRML. Adage Capital Partners GP L.L.C. acquired a new position in Tourmaline Bio in the fourth quarter valued at about $12,168,000. Pictet Asset Management Holding SA raised its stake 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 in the last quarter. Schonfeld Strategic Advisors LLC raised its stake in Tourmaline Bio by 50.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 298,239 shares of the company's stock valued at $6,048,000 after purchasing an additional 100,139 shares in the last quarter. Velan Capital Investment Management LP raised its stake in Tourmaline Bio by 28.0% during the fourth quarter. Velan Capital Investment Management LP now owns 423,795 shares of the company's stock worth $8,595,000 after acquiring an additional 92,605 shares in the last quarter. Finally, Polymer Capital Management HK LTD acquired a new position in Tourmaline Bio during the fourth quarter worth about $1,610,000. Institutional investors own 91.89% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on TRML. Chardan Capital reissued a "buy" rating and set a $70.00 target price on shares of Tourmaline Bio in a research note on Monday, May 5th. HC Wainwright reissued a "buy" rating and set a $50.00 target price on shares of Tourmaline Bio in a research note on Monday, May 5th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Tourmaline Bio currently has a consensus rating of "Buy" and an average target price of $49.33.

Tourmaline Bio Stock Performance

Shares of NASDAQ:TRML traded up $1.02 during midday trading on Friday, hitting $19.77. 246,369 shares of the stock were exchanged, compared to its average volume of 148,493. The stock has a market capitalization of $507.69 million, a price-to-earnings ratio of -6.16 and a beta of 2.00. The business's 50-day moving average price is $17.46 and its 200 day moving average price is $16.17. Tourmaline Bio, Inc. has a 12 month low of $11.56 and a 12 month high of $29.79.

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, topping the consensus estimate of ($0.91) by $0.02. As a group, sell-side analysts expect that Tourmaline Bio, Inc. will post -3.02 EPS for the current 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.