AlphaCentric Advisors LLC Sells 69,500 Shares of Tourmaline Bio, Inc. (NASDAQ:TRML)

AlphaCentric Advisors LLC trimmed its stake in Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) by 92.7% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 5,500 shares of the company's stock after selling 69,500 shares during the quarter. AlphaCentric Advisors LLC's holdings in Tourmaline Bio were worth $141,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake 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 valued at $20,942,000 after purchasing an additional 150,767 shares in the last quarter. Swiss National Bank bought a new position in shares of Tourmaline Bio in the first quarter valued at $733,000. Blue Owl Capital Holdings LP lifted 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 valued at $22,060,000 after acquiring an additional 268,000 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Tourmaline Bio in the 2nd quarter valued at $909,000. Finally, BNP Paribas Financial Markets bought a new stake in Tourmaline Bio in the first quarter worth $31,000. Institutional investors and hedge funds own 91.89% of the company's stock.

Tourmaline Bio Stock Down 0.1 %

Tourmaline Bio stock traded down $0.04 during mid-day trading on Tuesday, reaching $26.86. The company had a trading volume of 81,022 shares, compared to its average volume of 303,023. The company has a 50 day moving average of $23.36 and a 200-day moving average of $17.81. Tourmaline Bio, Inc. has a 52 week low of $12.12 and a 52 week high of $48.31. The firm has a market cap of $688.69 million, a price-to-earnings ratio of -7.30 and a beta of 2.36.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.68) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.72) by $0.04. On average, analysts predict that Tourmaline Bio, Inc. will post -3.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

TRML has been the topic of several analyst reports. HC Wainwright reiterated a "buy" rating and set a $48.00 price target on shares of Tourmaline Bio in a report on Monday, August 12th. Cantor Fitzgerald upgraded shares of Tourmaline Bio to a "strong-buy" rating in a 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 company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $64.67.

Insider Buying and Selling at Tourmaline Bio

In related news, CEO Sandeep Chidambar Kulkarni bought 5,221 shares of the business's stock in a transaction that occurred on Friday, August 16th. The stock was acquired at an average price of $13.79 per share, for a total transaction of $71,997.59. Following the transaction, the chief executive officer now directly owns 5,221 shares of the company's stock, valued at $71,997.59. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 11.02% of the company's stock.

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.