Tourmaline Bio
TRML
TRML was delisted on the 27th of October, 2025.
107 hedge funds and large institutions have $364M invested in Tourmaline Bio in 2025 Q1 according to their latest regulatory filings, with 18 funds opening new positions, 35 increasing their positions, 31 reducing their positions, and 12 closing their positions.
3,223% more call options, than puts
Call options by funds: $3.09M | Put options by funds: $93K
50% more first-time investments, than exits
New positions opened: 18 | Existing positions closed: 12
20% more funds holding in top 10
Funds holding in top 10: 5 → 6 (+1)
13% more repeat investments, than reductions
Existing positions increased: 35 | Existing positions reduced: 31
6% more funds holding
Funds holding: 101 → 107 (+6)
4.06% more ownership
Funds ownership: 89.17% → 93.23% (+4.1%)
21% less capital invested
Capital invested by funds: $464M → $364M (-$99.4M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
OCA
Octagon Capital Advisors
New York
|
+$14.5M |
| 2 |
QF
QVT Financial
New York
|
+$12.2M |
| 3 |
Balyasny Asset Management
Chicago,
Illinois
|
+$9.51M |
| 4 |
Fidelity Investments
Boston,
Massachusetts
|
+$3.34M |
| 5 |
ACA
Avoro Capital Advisors
New York
|
+$3.25M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
RI
RTW Investments
New York
|
-$14.9M |
| 2 |
Jennison Associates
New York
|
-$11.7M |
| 3 |
State Street
Boston,
Massachusetts
|
-$5.63M |
| 4 |
SC
Stempoint Capital
New York
|
-$2.56M |
| 5 |
Adage Capital Partners
Boston,
Massachusetts
|
-$1.6M |
TRML Hedge Fund Activity: Q1 2025 in Review
107 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in Tourmaline Bio (TRML) for Q1 2025, worth a combined $364M — down 21% from $464M a quarter earlier.
Buyers outnumbered sellers: 18 funds opened new TRML positions and 12 closed out — a net gain of 6 holders — while 35 added to existing stakes and 31 trimmed.
The largest buyer was Octagon Capital Advisors, opening a new position worth an estimated $14.5M. The largest seller was RTW Investments, exiting entirely with an estimated $14.9M sold.
- 107 institutional investors held Tourmaline Bio (TRML) as of Q1 2025, up from 101 in Q4 2024.
- Funds reported $364M of Tourmaline Bio stock for Q1 2025, down 21% quarter-over-quarter.
- 18 funds opened new Tourmaline Bio positions in Q1 2025 and 12 closed out, a net change of +6 holders.
- The largest Tourmaline Bio buyer in Q1 2025 was Octagon Capital Advisors, an estimated $14.5M added.
- The largest Tourmaline Bio seller in Q1 2025 was RTW Investments, an estimated $14.9M sold.
Based on aggregated 13F filings for Q1 2025.