Tourmaline Bio, Inc. (NASDAQ:TRML) Holdings Boosted by Bank of America Corp DE

Bank of America Corp DE lifted its position in shares of Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) by 87.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 70,737 shares of the company's stock after buying an additional 33,028 shares during the period. Bank of America Corp DE owned approximately 0.28% of Tourmaline Bio worth $1,435,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tower Research Capital LLC TRC boosted its position 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 worth $33,000 after purchasing an additional 1,232 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in Tourmaline Bio during the 4th quarter worth $47,000. Virtus ETF Advisers LLC purchased a new stake in Tourmaline Bio during the 4th quarter worth $64,000. Invesco Ltd. boosted its position in Tourmaline Bio by 10.8% in the 4th quarter. Invesco Ltd. now owns 12,155 shares of the company's stock valued at $247,000 after buying an additional 1,181 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in Tourmaline Bio by 39.7% in the 4th quarter. Alliancebernstein L.P. now owns 12,950 shares of the company's stock valued at $263,000 after buying an additional 3,680 shares during the last quarter. 91.89% of the stock is currently owned by institutional investors and hedge funds.

Tourmaline Bio Stock Performance

Shares of TRML stock traded down $0.39 during trading hours on Monday, hitting $18.88. 232,677 shares of the company were exchanged, compared to its average volume of 276,634. Tourmaline Bio, Inc. has a one year low of $11.56 and a one year high of $29.79. The business's 50-day simple moving average is $15.69 and its two-hundred day simple moving average is $17.26. The stock has a market capitalization of $484.93 million, a price-to-earnings ratio of -6.70 and a beta of 2.04.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The company reported ($0.89) EPS for the quarter, topping the consensus estimate of ($0.91) by $0.02. As a group, analysts anticipate that Tourmaline Bio, Inc. will post -3.02 EPS for the current fiscal year.

Analysts Set New Price Targets

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