The Manufacturers Life Insurance Company Takes $226,000 Position in Tourmaline Bio, Inc. (NASDAQ:TRML)

The Manufacturers Life Insurance Company acquired a new position in shares of Tourmaline Bio, Inc. (NASDAQ:TRML) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 8,804 shares of the company’s stock, valued at approximately $226,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its holdings 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 acquiring an additional 2,147 shares in the last quarter. Jennison Associates LLC lifted its holdings in Tourmaline Bio by 2.2% during the third quarter. Jennison Associates LLC now owns 1,151,973 shares of the company’s stock valued at $29,617,000 after purchasing an additional 24,282 shares in the last quarter. Quest Partners LLC increased its stake in Tourmaline Bio by 145.4% during the 3rd quarter. Quest Partners LLC now owns 9,381 shares of the company’s stock worth $241,000 after buying an additional 5,559 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in Tourmaline Bio by 63.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 4,932 shares of the company’s stock valued at $127,000 after purchasing an additional 1,920 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in Tourmaline Bio during the second quarter worth about $487,000. Institutional investors own 91.89% of the company’s stock.

Tourmaline Bio Price Performance

NASDAQ:TRML opened at $22.10 on Tuesday. Tourmaline Bio, Inc. has a 1-year low of $12.12 and a 1-year high of $48.31. The firm’s fifty day moving average price is $25.93 and its 200 day moving average price is $19.97. The firm has a market cap of $566.71 million, a price-to-earnings ratio of -7.84 and a beta of 2.32.

Tourmaline Bio (NASDAQ:TRML) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.78) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.06. As a group, analysts expect that Tourmaline Bio, Inc. will post -2.99 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on TRML. Guggenheim reaffirmed a “buy” rating on shares of Tourmaline Bio in a research note on Wednesday, December 11th. HC Wainwright reiterated a “buy” rating and issued a $49.00 target price on shares of Tourmaline Bio in a report on Wednesday, December 11th. BMO Capital Markets began coverage on shares of Tourmaline Bio in a research note on Friday, December 6th. They set an “outperform” rating and a $50.00 target price for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $25.00 price target on shares of Tourmaline Bio in a research note on Wednesday, December 11th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $54.00.

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.