Millennium Management LLC Sells 144,757 Shares of Tourmaline Bio, Inc. (NASDAQ:TRML)

Millennium Management LLC lowered its stake in shares of Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) by 28.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 364,658 shares of the company's stock after selling 144,757 shares during the quarter. Millennium Management LLC owned about 1.42% of Tourmaline Bio worth $7,395,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in TRML. JPMorgan Chase & Co. grew its position in Tourmaline Bio by 16.5% during the third quarter. JPMorgan Chase & Co. now owns 14,804 shares of the company's stock worth $381,000 after buying an additional 2,100 shares in the last quarter. SG Americas Securities LLC grew its position in Tourmaline Bio by 3.4% during the fourth quarter. SG Americas Securities LLC now owns 34,812 shares of the company's stock worth $706,000 after buying an additional 1,140 shares in the last quarter. Rhumbline Advisers grew its position in Tourmaline Bio by 2.1% during the fourth quarter. Rhumbline Advisers now owns 35,591 shares of the company's stock worth $722,000 after buying an additional 718 shares in the last quarter. Swiss National Bank acquired a new stake in Tourmaline Bio during the fourth quarter worth approximately $408,000. Finally, American Century Companies Inc. acquired a new stake in Tourmaline Bio during the fourth quarter worth approximately $474,000. Institutional investors and hedge funds own 91.89% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Chardan Capital reaffirmed a "buy" rating and issued a $70.00 target price on shares of Tourmaline Bio in a report on Monday, May 5th. HC Wainwright reaffirmed a "buy" rating and issued a $50.00 target price on shares of Tourmaline Bio in a report on Monday, May 5th. Wedbush raised their target price on Tourmaline Bio from $42.00 to $43.00 and gave the company an "outperform" rating in a report on Friday, March 14th. Finally, Lifesci Capital assumed coverage on Tourmaline Bio in a report on Monday, February 24th. They issued an "outperform" rating and a $58.00 target price on the stock. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $49.33.

Tourmaline Bio Stock Performance

Shares of TRML traded up $0.87 during trading hours on Thursday, reaching $16.51. The stock had a trading volume of 136,659 shares, compared to its average volume of 274,137. Tourmaline Bio, Inc. has a 12 month low of $11.56 and a 12 month high of $29.79. The stock has a market capitalization of $424.06 million, a PE ratio of -5.85 and a beta of 2.11. The company's 50-day moving average is $15.35 and its two-hundred day moving average is $17.75.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last announced its quarterly earnings results on Friday, May 2nd. The company reported ($0.89) EPS for the quarter, beating analysts' consensus estimates of ($0.91) by $0.02. Equities analysts anticipate 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.