Tourmaline Bio
TRML
TRML was delisted on the 27th of October, 2025.
84 hedge funds and large institutions have $272M invested in Tourmaline Bio in 2024 Q2 according to their latest regulatory filings, with 20 funds opening new positions, 36 increasing their positions, 14 reducing their positions, and 31 closing their positions.
157% more repeat investments, than reductions
Existing positions increased: 36 | Existing positions reduced: 14
2.32% more ownership
Funds ownership: 80.15% → 82.47% (+2.3%)
13% less funds holding
Funds holding: 96 → 84 (-12)
35% less first-time investments, than exits
New positions opened: 20 | Existing positions closed: 31
40% less funds holding in top 10
Funds holding in top 10: 5 → 3 (-2)
42% less capital invested
Capital invested by funds: $470M → $272M (-$198M)
80% less call options, than puts
Call options by funds: $213K | Put options by funds: $1.05M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
RCM
RA Capital Management
Boston,
Massachusetts
|
+$40.9M |
| 2 |
BlackRock
New York
|
+$19.8M |
| 3 |
Citadel Advisors
Miami,
Florida
|
+$5.34M |
| 4 |
Morgan Stanley
New York
|
+$5.01M |
| 5 |
State Street
Boston,
Massachusetts
|
+$4.74M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
DTC
Deep Track Capital
Greenwich,
Connecticut
|
-$36.5M |
| 2 |
CAM
Cormorant Asset Management
Boston,
Massachusetts
|
-$28.6M |
| 3 |
B
Braidwell
Stamford,
Connecticut
|
-$20.8M |
| 4 |
DGM
Darwin Global Management
St. Helier,
Jersey
|
-$10.6M |
| 5 |
EAM
Eventide Asset Management
Boston,
Massachusetts
|
-$7.35M |
TRML Hedge Fund Activity: Q2 2024 in Review
84 of the 6,936 institutional investors tracked by Wall St. Rank reported a position in Tourmaline Bio (TRML) for Q2 2024, worth a combined $272M — down 42% from $470M a quarter earlier.
Sellers outnumbered buyers: 31 funds closed out of TRML and 20 opened new positions — a net loss of 11 holders — while 14 trimmed existing stakes and 36 added.
The largest buyer was RA Capital Management, opening a new position worth an estimated $40.9M. The largest seller was Deep Track Capital, exiting entirely with an estimated $36.5M sold.
- 84 institutional investors held Tourmaline Bio (TRML) as of Q2 2024, down from 96 in Q1 2024.
- Funds reported $272M of Tourmaline Bio stock for Q2 2024, down 42% quarter-over-quarter.
- 20 funds opened new Tourmaline Bio positions in Q2 2024 and 31 closed out, a net change of -11 holders.
- The largest Tourmaline Bio buyer in Q2 2024 was RA Capital Management, an estimated $40.9M added.
- The largest Tourmaline Bio seller in Q2 2024 was Deep Track Capital, an estimated $36.5M sold.
Based on aggregated 13F filings for Q2 2024.