Bank of New York Mellon Corp Takes Position in Tourmaline Bio, Inc. (NASDAQ:TRML)

Bank of New York Mellon Corp bought a new position in Tourmaline Bio, Inc. (NASDAQ:TRML) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 70,697 shares of the company’s stock, valued at approximately $909,000. Bank of New York Mellon Corp owned approximately 0.28% of Tourmaline Bio at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in TRML. BNP Paribas Financial Markets acquired a new position in Tourmaline Bio in the first quarter worth approximately $31,000. China Universal Asset Management Co. Ltd. grew its holdings in shares of Tourmaline Bio by 109.5% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 4,939 shares of the company’s stock worth $113,000 after acquiring an additional 2,582 shares during the last quarter. Denali Advisors LLC acquired a new stake in shares of Tourmaline Bio during the first quarter worth $128,000. Janus Henderson Group PLC purchased a new stake in shares of Tourmaline Bio during the first quarter valued at $266,000. Finally, AlphaCentric Advisors LLC lifted its holdings in shares of Tourmaline Bio by 22.7% during the second quarter. AlphaCentric Advisors LLC now owns 75,000 shares of the company’s stock valued at $964,000 after purchasing an additional 13,900 shares during the last quarter. 91.89% of the stock is currently owned by institutional investors.

Insider Activity at Tourmaline Bio

In related news, CEO Sandeep Chidambar Kulkarni acquired 5,221 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were bought at an average price of $13.79 per share, for a total transaction of $71,997.59. Following the acquisition, the chief executive officer now owns 5,221 shares in the company, valued at approximately $71,997.59. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 11.02% of the company’s stock.

Analyst Ratings Changes

Separately, HC Wainwright reissued a “buy” rating and issued a $48.00 price objective on shares of Tourmaline Bio in a research note on Monday, August 12th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $61.80.

Tourmaline Bio Stock Performance

Shares of NASDAQ:TRML opened at $23.02 on Friday. The stock’s 50-day moving average is $16.35 and its 200-day moving average is $18.54. The company has a market cap of $590.39 million, a P/E ratio of -3.54 and a beta of 2.31. Tourmaline Bio, Inc. has a 52-week low of $9.18 and a 52-week high of $48.31.

Tourmaline Bio (NASDAQ:TRML) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.68) EPS for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.04. As a group, equities analysts predict that Tourmaline Bio, Inc. will post -3.12 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.