Pictet Asset Management Holding SA Raises Position in Tourmaline Bio, Inc. (NASDAQ:TRML)

Pictet Asset Management Holding SA raised its stake in shares of Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) by 69.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 419,883 shares of the company's stock after purchasing an additional 172,743 shares during the period. Pictet Asset Management Holding SA owned 1.64% of Tourmaline Bio worth $8,515,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its position in shares of Tourmaline Bio by 3.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 63,571 shares of the company's stock worth $1,634,000 after acquiring an additional 2,147 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in Tourmaline Bio during the 3rd quarter worth approximately $226,000. MetLife Investment Management LLC bought a new position in Tourmaline Bio during the 3rd quarter worth approximately $357,000. Point72 Asset Management L.P. acquired a new position in shares of Tourmaline Bio in the 3rd quarter worth approximately $8,701,000. Finally, State Street Corp boosted its stake in shares of Tourmaline Bio by 25.6% in the 3rd quarter. State Street Corp now owns 411,980 shares of the company's stock valued at $10,592,000 after purchasing an additional 83,949 shares during the last quarter. 91.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TRML has been the subject of a number of analyst reports. HC Wainwright boosted their target price on shares of Tourmaline Bio from $49.00 to $50.00 and gave the company a "buy" rating in a report on Friday, March 14th. Lifesci Capital initiated coverage on Tourmaline Bio in a research note on Monday, February 24th. They issued an "outperform" rating and a $58.00 price objective on the stock. Guggenheim restated a "buy" rating on shares of Tourmaline Bio in a research report on Wednesday, December 11th. BMO Capital Markets initiated coverage on Tourmaline Bio in a report on Friday, December 6th. They issued an "outperform" rating and a $50.00 target price for the company. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $25.00 price target on shares of Tourmaline Bio in a report on Wednesday, December 11th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $45.20.

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Tourmaline Bio Trading Down 2.2 %

TRML stock traded down $0.29 during trading on Friday, reaching $12.83. 295,343 shares of the stock were exchanged, compared to its average volume of 277,578. Tourmaline Bio, Inc. has a twelve month low of $11.87 and a twelve month high of $29.79. The firm's 50 day moving average is $14.87 and its 200 day moving average is $20.69. The firm has a market cap of $329.54 million, a P/E ratio of -4.55 and a beta of 2.35.

Tourmaline Bio (NASDAQ:TRML - Get Free Report) last issued its earnings results on Thursday, March 13th. The company reported ($0.86) earnings per share for the quarter, topping analysts' consensus estimates of ($0.91) by $0.05. The firm had revenue of $0.04 million for the quarter. As a group, analysts predict that Tourmaline Bio, Inc. will post -3.02 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.