Jennison Associates LLC Has $29.62 Million Position in Tourmaline Bio, Inc. (NASDAQ:TRML)

Jennison Associates LLC lifted its stake in Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) by 2.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,151,973 shares of the company's stock after purchasing an additional 24,282 shares during the quarter. Jennison Associates LLC owned 4.49% of Tourmaline Bio worth $29,617,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of TRML. Avoro Capital Advisors LLC grew its stake in Tourmaline Bio by 155.9% during the 1st quarter. Avoro Capital Advisors LLC now owns 2,222,222 shares of the company's stock valued at $50,889,000 after acquiring an additional 1,353,815 shares in the last quarter. Darwin Global Management Ltd. purchased a new position in shares of Tourmaline Bio during the 1st quarter valued at $10,648,000. Blue Owl Capital Holdings LP increased its stake in shares of Tourmaline Bio by 18.5% in 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 during the last quarter. Artal Group S.A. increased its stake in shares of Tourmaline Bio by 244.0% in the first quarter. Artal Group S.A. now owns 314,496 shares of the company's stock worth $7,202,000 after acquiring an additional 223,070 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of 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 acquiring an additional 150,767 shares in the last quarter. Institutional investors and hedge funds own 91.89% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. HC Wainwright upped their target price on Tourmaline Bio from $48.00 to $49.00 and gave the stock a "buy" rating in a research report on Monday, November 11th. Cantor Fitzgerald raised shares of Tourmaline Bio to a "strong-buy" rating in a research report on Tuesday, October 15th. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Tourmaline Bio presently has an average rating of "Buy" and an average target price of $65.00.

Tourmaline Bio Stock Performance

Shares of TRML traded up $0.19 during trading hours on Friday, hitting $22.91. 218,593 shares of the company were exchanged, compared to its average volume of 298,562. The firm's 50 day moving average is $25.73 and its 200-day moving average is $18.72. Tourmaline Bio, Inc. has a 52 week low of $12.12 and a 52 week high of $48.31. The company has a market cap of $587.41 million, a PE ratio of -8.07 and a beta of 2.36.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.78) EPS for the quarter, beating the consensus estimate of ($0.84) by $0.06. As a group, equities analysts forecast that Tourmaline Bio, Inc. will post -3.08 earnings per share for the current fiscal 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.