Jennison Associates LLC Trims Stake in Tourmaline Bio, Inc. (NASDAQ:TRML)

Jennison Associates LLC cut its stake in shares of Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) by 26.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 845,800 shares of the company's stock after selling 306,173 shares during the quarter. Jennison Associates LLC owned 3.30% of Tourmaline Bio worth $17,153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of TRML. Brooklyn Investment Group purchased a new position in shares of Tourmaline Bio during the 4th quarter valued at about $32,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Tourmaline Bio by 63.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 4,932 shares of the company's stock worth $127,000 after acquiring an additional 1,920 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Tourmaline Bio in the 3rd quarter worth approximately $226,000. Quest Partners LLC boosted its stake in shares of Tourmaline Bio by 145.4% in the 3rd quarter. Quest Partners LLC now owns 9,381 shares of the company's stock valued at $241,000 after purchasing an additional 5,559 shares in the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in shares of Tourmaline Bio in the 3rd quarter valued at $357,000. Hedge funds and other institutional investors own 91.89% of the company's stock.

Wall Street Analysts Forecast Growth

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

Tourmaline Bio Stock Performance

Shares of Tourmaline Bio stock traded down $0.71 during trading on Friday, reaching $14.28. 391,921 shares of the stock were exchanged, compared to its average volume of 298,782. Tourmaline Bio, Inc. has a 1 year low of $12.12 and a 1 year high of $48.31. The stock's fifty day moving average is $20.01 and its 200 day moving average is $21.12.

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

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.