Tourmaline Bio
TRML
TRML was delisted on the 27th of October, 2025.
108 hedge funds and large institutions have $385M invested in Tourmaline Bio in 2025 Q2 according to their latest regulatory filings, with 19 funds opening new positions, 34 increasing their positions, 31 reducing their positions, and 18 closing their positions.
400% more call options, than puts
Call options by funds: $5K | Put options by funds: $1K
6% more capital invested
Capital invested by funds: $364M → $385M (+$20.5M)
10% more repeat investments, than reductions
Existing positions increased: 34 | Existing positions reduced: 31
6% more first-time investments, than exits
New positions opened: 19 | Existing positions closed: 18
1% more funds holding
Funds holding: 107 → 108 (+1)
0.46% more ownership
Funds ownership: 93.23% → 93.68% (+0.46%)
0% more funds holding in top 10
Funds holding in top 10: 6 → 6 (0)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
QF
QVT Financial
New York
|
+$11M |
| 2 |
Point72 Asset Management
Stamford,
Connecticut
|
+$5.1M |
| 3 |
Pictet Asset Management
Carouge,
Switzerland
|
+$4.25M |
| 4 |
NFT
Nan Fung Trinity
Central, Hong Kong,
Hong Kong
|
+$3.68M |
| 5 |
ACA
Avoro Capital Advisors
New York
|
+$2.12M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Citadel Advisors
Miami,
Florida
|
-$8.68M |
| 2 |
Adage Capital Partners
Boston,
Massachusetts
|
-$5.9M |
| 3 |
NFGH
Nan Fung Group Holdings
Kai Tak,
Hong Kong
|
-$3.45M |
| 4 |
Fidelity Investments
Boston,
Massachusetts
|
-$3.02M |
| 5 |
BlackRock
New York
|
-$2.56M |
TRML Hedge Fund Activity: Q2 2025 in Review
108 of the 7,596 institutional investors tracked by Wall St. Rank reported a position in Tourmaline Bio (TRML) for Q2 2025, worth a combined $385M — up 5.6% from $364M a quarter earlier.
Buyers outnumbered sellers: 19 funds opened new TRML positions and 18 closed out — a net gain of 1 holder — while 34 added to existing stakes and 31 trimmed.
The largest buyer was QVT Financial, adding an estimated $11M. The largest seller was Citadel Advisors, exiting entirely with an estimated $8.68M sold.
- 108 institutional investors held Tourmaline Bio (TRML) as of Q2 2025, up from 107 in Q1 2025.
- Funds reported $385M of Tourmaline Bio stock for Q2 2025, up 5.6% quarter-over-quarter.
- 19 funds opened new Tourmaline Bio positions in Q2 2025 and 18 closed out, a net change of +1 holder.
- The largest Tourmaline Bio buyer in Q2 2025 was QVT Financial, an estimated $11M added.
- The largest Tourmaline Bio seller in Q2 2025 was Citadel Advisors, an estimated $8.68M sold.
Based on aggregated 13F filings for Q2 2025.