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

Pictet Asset Management Holding SA increased its holdings in shares of Tourmaline Bio, Inc. (NASDAQ:TRML) by 69.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 419,883 shares of the company’s stock after buying an additional 172,743 shares during the period. Pictet Asset Management Holding SA owned about 1.64% of Tourmaline Bio worth $8,515,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Tourmaline Bio by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 1,106,125 shares of the company’s stock valued at $22,432,000 after acquiring an additional 43,652 shares in the last quarter. Geode Capital Management LLC raised its position in Tourmaline Bio by 6.4% in the 3rd quarter. Geode Capital Management LLC now owns 482,078 shares of the company’s stock valued at $12,396,000 after purchasing an additional 29,005 shares in the last quarter. 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 buying an additional 83,949 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Tourmaline Bio during the third quarter worth about $8,701,000. Finally, Wellington Management Group LLP raised its holdings in Tourmaline Bio by 72.8% in the third quarter. Wellington Management Group LLP now owns 65,741 shares of the company’s stock valued at $1,690,000 after acquiring an additional 27,707 shares in the last quarter. 91.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on TRML. Wedbush boosted their price target on shares of Tourmaline Bio from $42.00 to $43.00 and gave the stock an “outperform” rating in a report on Friday, March 14th. Cantor Fitzgerald reiterated an “overweight” rating and set a $25.00 target price on shares of Tourmaline Bio in a research note on Wednesday, December 11th. HC Wainwright raised their price target on Tourmaline Bio from $49.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, March 14th. BMO Capital Markets began coverage on Tourmaline Bio in a research report on Friday, December 6th. They set an “outperform” rating and a $50.00 price objective for the company. Finally, Guggenheim reissued a “buy” rating on shares of Tourmaline Bio in a research report on Wednesday, December 11th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, Tourmaline Bio presently has an average rating of “Buy” and an average price target of $45.20.

Tourmaline Bio Stock Performance

Shares of TRML stock opened at $13.40 on Thursday. Tourmaline Bio, Inc. has a 1 year low of $11.87 and a 1 year high of $29.79. The firm has a market cap of $344.18 million, a price-to-earnings ratio of -4.75 and a beta of 2.35. The stock’s 50-day moving average is $15.05 and its two-hundred day moving average is $20.79.

Tourmaline Bio (NASDAQ:TRML) last released its quarterly earnings results on Thursday, March 13th. The company reported ($0.86) EPS for the quarter, topping the consensus estimate of ($0.91) by $0.05. The firm had revenue of $0.04 million for the quarter. As a group, research analysts predict that Tourmaline Bio, Inc. will post -3.02 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.