Nantahala Capital Management LLC Trims Position in Tourmaline Bio, Inc. (NASDAQ:TRML)

Nantahala Capital Management LLC cut its stake in Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) by 23.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 536,944 shares of the company's stock after selling 163,963 shares during the quarter. Nantahala Capital Management LLC owned about 2.09% of Tourmaline Bio worth $10,889,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Tourmaline Bio in the fourth quarter worth about $12,168,000. Pictet Asset Management Holding SA boosted its holdings in Tourmaline Bio by 69.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 419,883 shares of the company's stock valued at $8,515,000 after purchasing an additional 172,743 shares during the period. Polymer Capital Management HK LTD purchased a new stake in shares of Tourmaline Bio in the fourth quarter worth $1,610,000. Vanguard Group Inc. grew its position in Tourmaline Bio by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 1,106,125 shares of the company's stock worth $22,432,000 after buying an additional 43,652 shares in the last quarter. Finally, Jane Street Group LLC increased its stake in Tourmaline Bio by 211.3% in the 3rd quarter. Jane Street Group LLC now owns 21,705 shares of the company's stock worth $558,000 after acquiring an additional 41,205 shares during the last quarter. 91.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on TRML shares. Lifesci Capital assumed coverage on Tourmaline Bio in a research report on Monday, February 24th. They set an "outperform" rating and a $58.00 price target for the company. HC Wainwright lifted their price objective on shares of Tourmaline Bio from $49.00 to $50.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Wedbush increased their target price on Tourmaline Bio from $42.00 to $43.00 and gave the company an "outperform" rating in a research note on Friday, March 14th. Finally, Chardan Capital began coverage on Tourmaline Bio in a report on Wednesday, April 23rd. They issued a "buy" rating and a $70.00 price objective for the company. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $49.33.

Tourmaline Bio Stock Performance

TRML stock traded down $1.55 during trading on Friday, hitting $16.30. 672,662 shares of the company traded hands, compared to its average volume of 270,485. The company has a 50-day moving average of $15.15 and a 200-day moving average of $19.29. Tourmaline Bio, Inc. has a 1 year low of $11.56 and a 1 year high of $29.79. The firm has a market capitalization of $418.67 million, a PE ratio of -5.78 and a beta of 2.14.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last issued its earnings results on Friday, May 2nd. The company reported ($0.89) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.91) by $0.02. Sell-side analysts expect that Tourmaline Bio, Inc. will post -3.02 EPS for the current 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.