Tourmaline Bio
TRML
TRML was delisted on the 27th of October, 2025.
134 hedge funds and large institutions have $1.03B invested in Tourmaline Bio in 2025 Q3 according to their latest regulatory filings, with 52 funds opening new positions, 22 increasing their positions, 44 reducing their positions, and 26 closing their positions.
169% more capital invested
Capital invested by funds: $385M → $1.03B (+$649M)
100% more first-time investments, than exits
New positions opened: 52 | Existing positions closed: 26
50% more funds holding in top 10
Funds holding in top 10: 6 → 9 (+3)
24% more funds holding
Funds holding: 108 → 134 (+26)
9.54% less ownership
Funds ownership: 93.68% → 84.15% (-9.5%)
50% less repeat investments, than reductions
Existing positions increased: 22 | Existing positions reduced: 44
59% less call options, than puts
Call options by funds: $1.63M | Put options by funds: $3.97M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity International
Hamilton,
Bermuda
|
+$28.5M |
| 2 |
MF
Magnetar Financial
Evanston,
Illinois
|
+$26.8M |
| 3 |
FTCM
First Trust Capital Management
Chicago,
Illinois
|
+$19.3M |
| 4 |
TAL
TIG Advisors LLC
New York
|
+$17.2M |
| 5 |
AllianceBernstein
Nashville,
Tennessee
|
+$14.3M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
RCM
RA Capital Management
Boston,
Massachusetts
|
-$40.6M |
| 2 |
BOCH
Blue Owl Capital Holdings
New York
|
-$15.9M |
| 3 |
Balyasny Asset Management
Chicago,
Illinois
|
-$15.9M |
| 4 |
OCA
Octagon Capital Advisors
New York
|
-$14.5M |
| 5 |
Pictet Asset Management
Carouge,
Switzerland
|
-$10.9M |
TRML Hedge Fund Activity: Q3 2025 in Review
134 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in Tourmaline Bio (TRML) for Q3 2025, worth a combined $1.03B — up 169% from $385M a quarter earlier.
Buyers outnumbered sellers: 52 funds opened new TRML positions and 26 closed out — a net gain of 26 holders — while 22 added to existing stakes and 44 trimmed.
The largest buyer was Fidelity International, opening a new position worth an estimated $28.5M. The largest seller was RA Capital Management, exiting entirely with an estimated $40.6M sold.
- 134 institutional investors held Tourmaline Bio (TRML) as of Q3 2025, up from 108 in Q2 2025.
- Funds reported $1.03B of Tourmaline Bio stock for Q3 2025, up 169% quarter-over-quarter.
- 52 funds opened new Tourmaline Bio positions in Q3 2025 and 26 closed out, a net change of +26 holders.
- The largest Tourmaline Bio buyer in Q3 2025 was Fidelity International, an estimated $28.5M added.
- The largest Tourmaline Bio seller in Q3 2025 was RA Capital Management, an estimated $40.6M sold.
Based on aggregated 13F filings for Q3 2025.