Octagon Capital Advisors LP Invests $13.77 Million in Tourmaline Bio, Inc. $TRML

Key Points

• Octagon Capital Advisors LP invested approximately $13.77 million into Tourmaline Bio, acquiring 905,000 shares, making it the fund's 14th largest position.
• Tourmaline Bio's stock currently has a market cap of $775.38 million and a 1-year price range between $11.56 and $30.59.
• Equities analysts project a consensus price target of $50.14 for Tourmaline Bio, with several firms, including Chardan Capital and Guggenheim, maintaining a "buy" rating.

Octagon Capital Advisors LP bought a new position in shares of Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 905,000 shares of the company's stock, valued at approximately $13,765,000. Tourmaline Bio accounts for 1.5% of Octagon Capital Advisors LP's portfolio, making the stock its 14th largest holding. Octagon Capital Advisors LP owned 3.52% of Tourmaline Bio as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Tower Research Capital LLC TRC grew its position in Tourmaline Bio by 297.6% in the fourth 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. Brooklyn Investment Group grew its position in Tourmaline Bio by 148.9% in the first quarter. Brooklyn Investment Group now owns 3,923 shares of the company's stock valued at $60,000 after purchasing an additional 2,347 shares in the last quarter. GAMMA Investing LLC grew its position in Tourmaline Bio by 4,481.7% in the first quarter. GAMMA Investing LLC now owns 7,514 shares of the company's stock valued at $114,000 after purchasing an additional 7,350 shares in the last quarter. Hsbc Holdings PLC bought a new position in Tourmaline Bio in the first quarter valued at $158,000. Finally, California State Teachers Retirement System lifted its stake 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 valued at $213,000 after acquiring an additional 8,832 shares during the last quarter. Institutional investors and hedge funds own 91.89% of the company's stock.

Tourmaline Bio Stock Up 0.0%

Tourmaline Bio stock traded up $0.01 during mid-day trading on Friday, reaching $47.61. 988,444 shares of the company's stock were exchanged, compared to its average volume of 444,141. The business's fifty day simple moving average is $22.92 and its 200 day simple moving average is $18.34. The firm has a market capitalization of $1.22 billion, a PE 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.

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

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Guggenheim reiterated a "neutral" rating and set a $48.00 target price (down from $55.00) on shares of Tourmaline Bio in a research note on Wednesday. Jefferies Financial Group lowered shares of Tourmaline Bio from a "buy" rating to a "hold" rating and dropped their price objective for the company from $64.00 to $47.50 in a research report on Tuesday. Truist Financial lowered shares of Tourmaline Bio from a "buy" rating to a "hold" rating and dropped their price objective for the company from $63.00 to $48.00 in a research report on Wednesday. HC Wainwright lowered shares of Tourmaline Bio from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $50.00 to $48.00 in a research report on Wednesday. Finally, Lifesci Capital lowered shares of Tourmaline Bio from an "outperform" rating to a "hold" rating and set a $48.00 price target on the stock. in a research report on Tuesday. Two research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $45.85.

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.