Velan Capital Investment Management LP Purchases 31,617 Shares of Tourmaline Bio, Inc. $TRML

Key Points

• Velan Capital Investment Management LP increased its stake in Tourmaline Bio, Inc. by 7.5%, owning 455,412 shares valued at approximately $6.93 million, representing 7.1% of its total holdings.
• Several institutional investors, including Federated Hermes and Vanguard Group, significantly boosted their positions in Tourmaline Bio, with a combined institutional ownership of 91.89%.
• Tourmaline Bio's stock currently has an average buy rating from analysts, with a target price of around $50.14, alongside a recent earnings report beating expectations by a narrow margin.

Velan Capital Investment Management LP grew its position in shares of Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) by 7.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 455,412 shares of the company's stock after buying an additional 31,617 shares during the quarter. Tourmaline Bio makes up about 7.1% of Velan Capital Investment Management LP's investment portfolio, making the stock its 6th biggest position. Velan Capital Investment Management LP owned 1.77% of Tourmaline Bio worth $6,927,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in TRML. Federated Hermes Inc. grew its stake in Tourmaline Bio by 13,036.0% during the first quarter. Federated Hermes Inc. now owns 121,245 shares of the company's stock worth $1,844,000 after buying an additional 120,322 shares during the last quarter. Schonfeld Strategic Advisors LLC lifted its position in shares of Tourmaline Bio by 50.5% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 298,239 shares of the company's stock worth $6,048,000 after purchasing an additional 100,139 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Tourmaline Bio by 7.7% during the first quarter. Vanguard Group Inc. now owns 1,190,810 shares of the company's stock worth $18,112,000 after purchasing an additional 84,685 shares in the last quarter. Nuveen LLC acquired a new position in shares of Tourmaline Bio during the first quarter worth approximately $1,180,000. Finally, Stempoint Capital LP lifted its position in shares of Tourmaline Bio by 127.7% during the fourth quarter. Stempoint Capital LP now owns 126,400 shares of the company's stock worth $2,563,000 after purchasing an additional 70,877 shares in the last quarter. 91.89% of the stock is owned by institutional investors.

Tourmaline Bio Stock Up 1.6%

NASDAQ TRML traded up $0.37 during trading hours on Monday, hitting $23.40. The company's stock had a trading volume of 130,322 shares, compared to its average volume of 144,607. The stock has a fifty day moving average of $19.96 and a 200 day moving average of $17.15. The firm has a market capitalization of $601.15 million, a P/E ratio of -6.82 and a beta of 2.04. Tourmaline Bio, Inc. has a twelve month low of $11.56 and a twelve month high of $29.79.

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

Analyst Upgrades and Downgrades

TRML has been the topic of a number of research reports. Chardan Capital reiterated a "buy" rating and set a $70.00 target price on shares of Tourmaline Bio in a research report on Thursday, August 14th. Guggenheim reiterated a "buy" rating and set a $55.00 target price on shares of Tourmaline Bio in a research report on Thursday, August 14th. Finally, HC Wainwright reiterated a "buy" rating and set a $50.00 target price on shares of Tourmaline Bio in a research report on Monday, May 5th. Seven investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Tourmaline Bio currently has an average rating of "Buy" and an average target price of $50.14.

Tourmaline Bio Company 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.