Jennison Associates LLC Lowers Stock Position in Tourmaline Bio, Inc. (NASDAQ:TRML)

Jennison Associates LLC cut its position in shares of Tourmaline Bio, Inc. (NASDAQ:TRML) by 26.6% during the 4th quarter, Holdings Channel reports. The firm owned 845,800 shares of the company’s stock after selling 306,173 shares during the quarter. Jennison Associates LLC’s holdings in Tourmaline Bio were worth $17,153,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in TRML. SG Americas Securities LLC boosted its stake in shares of Tourmaline Bio by 3.4% in the 4th quarter. SG Americas Securities LLC now owns 34,812 shares of the company’s stock worth $706,000 after buying an additional 1,140 shares during the last quarter. Brooklyn Investment Group bought a new stake in Tourmaline Bio during the fourth quarter worth $32,000. China Universal Asset Management Co. Ltd. boosted its position in Tourmaline Bio by 63.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 4,932 shares of the company’s stock worth $127,000 after purchasing an additional 1,920 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Tourmaline Bio by 16.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 14,804 shares of the company’s stock valued at $381,000 after purchasing an additional 2,100 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Tourmaline Bio by 3.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 63,571 shares of the company’s stock valued at $1,634,000 after purchasing an additional 2,147 shares during the last quarter. 91.89% of the stock is owned by institutional investors.

Tourmaline Bio Stock Down 3.3 %

Shares of NASDAQ:TRML opened at $15.98 on Thursday. The firm has a market capitalization of $409.78 million, a PE ratio of -5.67 and a beta of 2.32. The company has a 50-day moving average price of $20.45 and a two-hundred day moving average price of $21.13. Tourmaline Bio, Inc. has a twelve month low of $12.12 and a twelve month high of $48.31.

Tourmaline Bio (NASDAQ:TRML) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.78) EPS for the quarter, topping the consensus estimate of ($0.84) by $0.06. Analysts anticipate that Tourmaline Bio, Inc. will post -2.99 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. BMO Capital Markets began coverage on shares of Tourmaline Bio in a report on Friday, December 6th. They issued an “outperform” rating and a $50.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $49.00 target price on shares of Tourmaline Bio in a research note on Wednesday, December 11th. Cantor Fitzgerald restated an “overweight” rating and set a $25.00 price target on shares of Tourmaline Bio in a research note on Wednesday, December 11th. Finally, Guggenheim reiterated a “buy” rating on shares of Tourmaline Bio in a research note on Wednesday, December 11th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Tourmaline Bio currently has an average rating of “Buy” and a consensus price target of $54.00.

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.