Jennison Associates LLC Has $17.15 Million Holdings in Tourmaline Bio, Inc. (NASDAQ:TRML)

Jennison Associates LLC lessened its position in shares of Tourmaline Bio, Inc. (NASDAQ:TRML) by 26.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 845,800 shares of the company’s stock after selling 306,173 shares during the period. Jennison Associates LLC owned 3.30% of Tourmaline Bio worth $17,153,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

Several analysts have recently weighed in on TRML shares. Guggenheim reiterated a “buy” rating on shares of Tourmaline Bio in a research note on Wednesday, December 11th. HC Wainwright reiterated a “buy” rating and set a $49.00 price objective on shares of Tourmaline Bio in a report on Wednesday, December 11th. BMO Capital Markets initiated coverage on shares of Tourmaline Bio in a research report on Friday, December 6th. They set an “outperform” rating and a $50.00 price objective on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $25.00 target price on shares of Tourmaline Bio in a research report on Wednesday, December 11th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Tourmaline Bio presently has an average rating of “Buy” and an average target price of $54.00.

Tourmaline Bio Trading Down 3.3 %

Tourmaline Bio stock opened at $15.98 on Thursday. The firm has a market capitalization of $409.78 million, a price-to-earnings ratio of -5.67 and a beta of 2.32. The firm’s fifty day moving average price is $20.45 and its two-hundred day moving average price is $21.13. Tourmaline Bio, Inc. has a 1-year low of $12.12 and a 1-year high of $48.31.

Tourmaline Bio (NASDAQ:TRML) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.78) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.84) by $0.06. On average, research analysts forecast that Tourmaline Bio, Inc. will post -2.99 EPS for the current year.

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.