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TRML

Tourmaline Bio
TRML

Delisted

TRML was delisted on the 27th of October, 2025.

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0 hedge funds and large institutions have $0 invested in Tourmaline Bio in 2025 Q4 according to their latest regulatory filings, with 0 funds opening new positions, 0 increasing their positions, 0 reducing their positions, and 132 closing their positions.

New
Increased
Maintained
Reduced
Closed

84.15% less ownership

Funds ownership: 84.15% → 0% (-84%)

100% less funds holding

Funds holding: 134 → 0 (-134)

100% less funds holding in top 10

Funds holding in top 10: 9 → 0 (-9)

100% less capital invested

Capital invested by funds: $1.03B → $0 (-$1.03B)

100% less first-time investments, than exits

New positions opened: 0 | Existing positions closed: 132

Holders
–
Holders Change
-134
Holders Change %
-100%
% of All Funds
–
Holding in Top 10
–
Holding in Top 10 Change
-9
Holding in Top 10 Change %
-100%
% of All Funds
–
New
–
Increased
–
Reduced
–
Closed
132
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

No buyers this quarter

Top Sellers

Rank Fund Capital Flow
1
ACA
Avoro Capital Advisors
New York
-$122M
2
QF
QVT Financial
New York
-$103M
3
BlackRock
BlackRock
New York
-$72.6M
4
TCM
TCG Crossover Management
California
-$62.7M
5
P
Pfizer
New York
-$60.8M
Name Holding Trade Value Shares
Change 		Change in
Stake
ACA
1
Avoro Capital Advisors
New York
– -$122M -2,555,555 Closed
QF
2
QVT Financial
New York
– -$103M -2,154,653 Closed
BlackRock
3
BlackRock
New York
– -$72.6M -1,517,777 Closed
TCM
4
TCG Crossover Management
California
– -$62.7M -1,311,783 Closed
P
5
Pfizer
New York
– -$60.8M -1,272,214 Closed
Vanguard Group
6
Vanguard Group
Pennsylvania
– -$55.8M -1,165,607 Closed
Fidelity International
7
Fidelity International
Bermuda
– -$49.2M -1,027,690 Closed
MF
8
Magnetar Financial
Illinois
– -$46.2M -966,129 Closed
FTCM
9
First Trust Capital Management
Illinois
– -$33.3M -695,757 Closed
TAL
10
TIG Advisors LLC
New York
– -$29.6M -619,763 Closed
VC
11
Vivo Capital
California
– -$28.3M -591,882 Closed
AllianceBernstein
12
AllianceBernstein
Tennessee
– -$25.8M -539,961 Closed
NAM
13
Nexpoint Asset Management
Texas
– -$21.8M -455,360 Closed
Geode Capital Management
14
Geode Capital Management
Massachusetts
– -$21.7M -453,952 Closed
State Street
15
State Street
Massachusetts
– -$19.9M -415,970 Closed
Goldman Sachs
16
Goldman Sachs
New York
– -$18M -376,738 Closed
AA
17
AQR Arbitrage
Connecticut
– -$17.9M -374,785 Closed
ACP
18
Acuta Capital Partners
California
– -$12.8M -268,451 Closed
Morgan Stanley
19
Morgan Stanley
New York
– -$12.1M -252,093 Closed
NFT
20
Nan Fung Trinity
Hong Kong
– -$10.9M -227,090 Closed
VI
21
Versor Investments
New York
– -$10.4M -217,221 Closed
AAM
22
Alpine Associates Management
Florida
– -$9.38M -196,177 Closed
Millennium Management
23
Millennium Management
New York
– -$9.12M -190,625 Closed
GCL
24
Glazer Capital LLC
New York
– -$8.62M -180,155 Closed
UBS Group
25
UBS Group
Switzerland
– -$8.53M -178,371 Closed
1
2 3 4 5

TRML Hedge Fund Activity: Q4 2025 in Review

0 of the 8,228 institutional investors tracked by Wall St. Rank reported a position in Tourmaline Bio (TRML) for Q4 2025, worth a combined $0 — down 100% from $1.03B a quarter earlier.

Sellers outnumbered buyers: 132 funds closed out of TRML and 0 opened new positions — a net loss of 132 holders — while 0 trimmed existing stakes and 0 added.

The largest seller was Avoro Capital Advisors, exiting entirely with an estimated $122M sold.

  • 0 institutional investors held Tourmaline Bio (TRML) as of Q4 2025, down from 134 in Q3 2025.
  • Funds reported $0 of Tourmaline Bio stock for Q4 2025, down 100% quarter-over-quarter.
  • 0 funds opened new Tourmaline Bio positions in Q4 2025 and 132 closed out, a net change of -132 holders.
  • The largest Tourmaline Bio seller in Q4 2025 was Avoro Capital Advisors, an estimated $122M sold.

Based on aggregated 13F filings for Q4 2025.