State Street Corp Boosts Stock Position in Tourmaline Bio, Inc. (NASDAQ:TRML)

State Street Corp lifted its position in shares of Tourmaline Bio, Inc. (NASDAQ:TRML) by 25.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 411,980 shares of the company’s stock after buying an additional 83,949 shares during the period. State Street Corp’s holdings in Tourmaline Bio were worth $10,592,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Blue Owl Capital Holdings LP raised its stake in shares of Tourmaline Bio by 18.5% during the second quarter. Blue Owl Capital Holdings LP now owns 1,715,401 shares of the company’s stock worth $22,060,000 after acquiring an additional 268,000 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Tourmaline Bio during the 2nd quarter valued at $909,000. Rhumbline Advisers raised its position in Tourmaline Bio by 28,554.3% in the 2nd quarter. Rhumbline Advisers now owns 33,239 shares of the company’s stock worth $427,000 after purchasing an additional 33,123 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Tourmaline Bio by 3.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 63,571 shares of the company’s stock worth $1,634,000 after purchasing an additional 2,147 shares during the last quarter. Finally, Acuta Capital Partners LLC lifted its stake in Tourmaline Bio by 23.2% in the third quarter. Acuta Capital Partners LLC now owns 332,095 shares of the company’s stock worth $8,538,000 after purchasing an additional 62,481 shares during the last quarter. Institutional investors own 91.89% of the company’s stock.

Tourmaline Bio Price Performance

Shares of NASDAQ:TRML opened at $21.84 on Friday. The stock’s 50-day moving average is $24.97 and its 200 day moving average is $20.29. The company has a market cap of $560.04 million, a PE ratio of -7.74 and a beta of 2.32. Tourmaline Bio, Inc. has a 1 year low of $12.12 and a 1 year high of $48.31.

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

Wall Street Analyst Weigh In

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

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.