905,000 Shares in Tourmaline Bio, Inc. $TRML Acquired by Octagon Capital Advisors LP

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 acquired a new stake in shares of Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 905,000 shares of the company's stock, valued at approximately $13,765,000. Tourmaline Bio comprises about 1.5% of Octagon Capital Advisors LP's portfolio, making the stock its 14th biggest holding. Octagon Capital Advisors LP owned approximately 3.52% of Tourmaline Bio at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in TRML. QVT Financial LP lifted its position in shares of Tourmaline Bio by 107.1% in the 1st quarter. QVT Financial LP now owns 1,473,369 shares of the company's stock worth $22,410,000 after buying an additional 762,094 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Tourmaline Bio by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 1,190,810 shares of the company's stock worth $18,112,000 after buying an additional 84,685 shares during the last quarter. Velan Capital Investment Management LP lifted its position in shares of Tourmaline Bio by 7.5% in the 1st quarter. Velan Capital Investment Management LP now owns 455,412 shares of the company's stock worth $6,927,000 after buying an additional 31,617 shares during the last quarter. Northern Trust Corp lifted its position in shares of Tourmaline Bio by 7.1% in the 4th quarter. Northern Trust Corp now owns 204,786 shares of the company's stock worth $4,153,000 after buying an additional 13,603 shares during the last quarter. Finally, Woodline Partners LP lifted its position in shares of Tourmaline Bio by 1.6% in the 4th quarter. Woodline Partners LP now owns 161,721 shares of the company's stock worth $3,280,000 after buying an additional 2,567 shares during the last quarter. 91.89% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TRML has been the topic of a number of recent research reports. Lifesci Capital downgraded 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, September 9th. HC Wainwright downgraded shares of Tourmaline Bio from a "buy" rating to a "neutral" rating and cut their price objective for the company from $50.00 to $48.00 in a research report on Wednesday. Truist Financial downgraded shares of Tourmaline Bio from a "buy" rating to a "hold" rating and cut their price objective for the company from $63.00 to $48.00 in a research report on Wednesday. Guggenheim reiterated a "neutral" rating and issued a $48.00 price objective (down from $55.00) on shares of Tourmaline Bio in a research report on Wednesday. Finally, Jefferies Financial Group cut shares of Tourmaline Bio from a "buy" rating to a "hold" rating and lowered their target price for the company from $64.00 to $47.50 in a research note on Tuesday, September 9th. Two investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $45.85.

Tourmaline Bio Price Performance

Shares of TRML traded up $0.01 during mid-day trading on Friday, hitting $47.61. The company's stock had a trading volume of 988,444 shares, compared to its average volume of 1,603,307. The firm has a 50-day moving average price of $23.54 and a 200 day moving average price of $18.66. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of -13.88 and a beta of 2.04. Tourmaline Bio, Inc. has a fifty-two week low of $11.56 and a fifty-two week high of $47.70.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The company reported ($0.90) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.94) by $0.04. As a group, equities analysts anticipate that Tourmaline Bio, Inc. will post -3.02 EPS 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.