338,437 Shares in Tourmaline Bio, Inc. (NASDAQ:TRML) Bought by Point72 Asset Management L.P.

Point72 Asset Management L.P. purchased a new position in Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 338,437 shares of the company's stock, valued at approximately $8,701,000. Point72 Asset Management L.P. owned about 1.32% of Tourmaline Bio as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TRML. Blue Owl Capital Holdings LP raised its position in shares of Tourmaline Bio by 18.5% during the 2nd 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. Vanguard Group Inc. raised its holdings in Tourmaline Bio by 19.7% during the first quarter. Vanguard Group Inc. now owns 914,519 shares of the company's stock worth $20,942,000 after purchasing an additional 150,767 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Tourmaline Bio during the 2nd quarter worth approximately $909,000. Renaissance Technologies LLC boosted its holdings in shares of Tourmaline Bio by 184.9% in the 2nd quarter. Renaissance Technologies LLC now owns 100,076 shares of the company's stock valued at $1,287,000 after buying an additional 64,950 shares in the last quarter. Finally, Acuta Capital Partners LLC grew its position in shares of Tourmaline Bio by 23.2% in the 3rd quarter. Acuta Capital Partners LLC now owns 332,095 shares of the company's stock valued at $8,538,000 after buying an additional 62,481 shares during the last quarter. Institutional investors and hedge funds own 91.89% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. HC Wainwright upped their price objective on shares of Tourmaline Bio from $48.00 to $49.00 and gave the company a "buy" rating in a research note on Monday, November 11th. Cantor Fitzgerald raised Tourmaline Bio to a "strong-buy" rating in a research report on Tuesday, October 15th. Finally, BMO Capital Markets began coverage on Tourmaline Bio in a report on Friday. They issued an "outperform" rating and a $50.00 price objective for the company. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $61.25.

Tourmaline Bio Stock Up 7.9 %

TRML stock traded up $1.90 during trading on Friday, hitting $25.93. The company had a trading volume of 136,158 shares, compared to its average volume of 205,167. The firm has a 50-day moving average price of $26.27 and a 200-day moving average price of $19.55. The firm has a market cap of $664.92 million, a PE ratio of -9.20 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 - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.78) EPS for the quarter, topping the consensus estimate of ($0.84) by $0.06. Sell-side analysts anticipate that Tourmaline Bio, Inc. will post -3.08 earnings per share 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.