State Street Corp Purchases 83,949 Shares of Tourmaline Bio, Inc. (NASDAQ:TRML)

State Street Corp increased its position in Tourmaline Bio, Inc. (NASDAQ:TRML - Free Report) by 25.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 411,980 shares of the company's stock after acquiring an additional 83,949 shares during the period. State Street Corp owned approximately 1.61% of Tourmaline Bio worth $10,592,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. raised its stake in Tourmaline Bio by 63.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 4,932 shares of the company's stock valued at $127,000 after acquiring an additional 1,920 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake 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 valued at $1,634,000 after purchasing an additional 2,147 shares in the last quarter. Quest Partners LLC raised its stake in shares of Tourmaline Bio by 134.0% during the second quarter. Quest Partners LLC now owns 3,822 shares of the company's stock valued at $49,000 after purchasing an additional 2,189 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Tourmaline Bio in the third quarter worth about $226,000. Finally, MetLife Investment Management LLC bought a new position in Tourmaline Bio in the 3rd quarter valued at about $357,000. 91.89% of the stock is currently owned by institutional investors.

Tourmaline Bio Stock Down 5.3 %

Tourmaline Bio stock traded down $1.16 during mid-day trading on Friday, hitting $20.68. The company's stock had a trading volume of 123,019 shares, compared to its average volume of 289,858. The stock has a market capitalization of $530.30 million, a P/E ratio of -7.33 and a beta of 2.32. Tourmaline Bio, Inc. has a twelve month low of $12.12 and a twelve month high of $48.31. The stock's fifty day moving average price is $24.82 and its two-hundred day moving average price is $20.33.

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

Wall Street Analysts Forecast Growth

TRML has been the topic of a number of recent analyst reports. Guggenheim restated a "buy" rating on shares of Tourmaline Bio in a research report on Wednesday, December 11th. Cantor Fitzgerald reissued an "overweight" rating and set a $25.00 target price on shares of Tourmaline Bio in a report on Wednesday, December 11th. BMO Capital Markets began coverage on Tourmaline Bio in a research note on Friday, December 6th. They set an "outperform" rating and a $50.00 price target for the company. Finally, HC Wainwright reiterated a "buy" rating and set a $49.00 price target on shares of Tourmaline Bio in a research report on Wednesday, December 11th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $54.00.

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.