Tourmaline Bio

TRML • NASDAQ

Tourmaline Bio is a biotechnology company in the healthcare sector on NASDAQ, led by Sandeep C. Kulkarni, with a market cap of $1.2B. As of Q3 2025, 84% of shares are held by 136 institutional investors, with venBio Select Advisor LLC as the largest holder at 9.95%.

CEOSandeep C. Kulkarni

Market Cap$1.2B

Biotechnology

Healthcare

Employees58.0

Websitetourmalinebio.com

Country

United States of America

Overview

Overview of institutional ownership in TRML as of Q3 2025 with a market cap of $1.2B

All Institutions

Institutions: 136
Value Held: $1.0B
Shares Held: 21.6M
Avg Position: $7.6M
Median Position: $764.6K

Hedge Funds

Hedge Funds: 26
Value Held: $267.7M
Shares Held: 5.6M
Avg Position: $10.3M
Median Position: $2.4M

Ownership Breakdown

Institutional (non-HF)

62.42%

$767.1M

Hedge Funds

21.79%

$267.7M

Retail & Other

15.79%

$194.0M

Based on market cap of $1.2B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in TRML as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
venBio Select Advisor LLC RIA/Wealth	Behzad Aghazadeh Managing Partner	$122.2M 1.58% of portfolio	9.95% 2.6M shares	Q4 2023 Held for 2 years	$7.7B
QVT Financial LP Hedge Fund•Multi-Strategy	Daniel Allen Gold CEO	$103.1M 11.80% of portfolio	8.39% 2.2M shares	Q2 2023 Held for 2y 6m	$873.7M
BlackRock, Inc. Institution	Laurence D. Fink CEO	$72.6M 0.00% of portfolio	5.91% 1.5M shares	Q4 2022 Held for 3 years	$5.67T
TCG Crossover Management, LLC Venture Capital	Chen Ming Yu Managing Partner	$62.7M 3.13% of portfolio	5.11% 1.3M shares	Q4 2023 Held for 2 years	$2.0B
PFIZER INC Institution	Albert Bourla CEO	$60.8M 13.91% of portfolio	4.95% 1.3M shares	Q4 2024 Held for 1 year	$437.4M
VANGUARD GROUP INC Institution	Salim Ramji CEO	$55.8M 0.00% of portfolio	4.54% 1.2M shares	Q4 2022 Held for 3 years	$6.69T
F FIL Ltd Institution	-	$49.2M 0.04% of portfolio	4.00% 1.0M shares	Q3 2025 Held for 3 months	$127.75B
Magnetar Financial LLC Hedge Fund•Multi-Strategy	David Jay Snyderman CEO	$46.2M 0.30% of portfolio	3.76% 966.1K shares	Q3 2025 Held for 3 months	$15.4B
Q Qiming U.S. Ventures Management, LLC Institution	-	$35.5M 63.76% of portfolio	2.89% 741.7K shares	Q4 2022 Held for 3 years	$55.6M
Vivaldi Asset Management, LLC Fund of Funds	Michael Dillon Peck CEO	$33.3M 2.20% of portfolio	2.71% 695.8K shares	Q3 2025 Held for 3 months	$1.5B

Net Capital Flow

Institutional buying and selling activity for TRML in Q3 2025

Traded: +$178.3M
Buyers: 80
Sellers: 63
Total Bought: +$340.4M
Total Sold: −$162.1M
Avg Position: $6.4M

Biggest Buyers

Institution	Net Bought	Current Position
F FIL Ltd Institution	+$49.2M +1.0M shares	$49.2M 1.0M shares
Magnetar Financial LLC Hedge Fund•Multi-Strategy	+$46.2M +966.1K shares	$46.2M 966.1K shares
Vivaldi Asset Management, LLC Fund of Funds	+$33.3M +695.8K shares	$33.3M 695.8K shares
TIG Advisors, LLC Hedge Fund•Multi-Strategy	+$29.6M +619.8K shares	$29.6M 619.8K shares
ALLIANCEBERNSTEIN L.P. Long Only Manager	+$24.6M +514.1K shares	$25.8M 540.0K shares
HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P. Institution	+$21.8M +455.4K shares	$21.8M 455.4K shares
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	+$17.9M +374.8K shares	$17.9M 374.8K shares
ARP AMERICAS LLC Hedge Fund•Multi-Strategy	+$10.4M +217.2K shares	$10.4M 217.2K shares
GOLDMAN SACHS GROUP INC Institution	+$9.4M +197.0K shares	$18.0M 376.7K shares
ALPINE ASSOCIATES MANAGEMENT INC. Hedge Fund•Merger Arb	+$9.4M +196.2K shares	$9.4M 196.2K shares

Biggest Sellers

Institution	Net Sold	Current Position
RA CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	−$40.6M −2.5M shares	Sold Off 0 shares
B Blue Owl Capital Holdings LP Institution	−$15.9M −997.1K shares	Sold Off 0 shares
Octagon Capital Advisors LP Hedge Fund•Sector	−$14.5M −905.0K shares	Sold Off 0 shares
Pictet Asset Management Holding SA Long Only Manager	−$10.9M −682.1K shares	Sold Off 0 shares
N Nantahala Capital Management, LLC Hedge Fund•Multi-Strategy	−$8.9M −558.2K shares	Sold Off 0 shares
TCG Crossover Management, LLC Venture Capital	−$7.9M −165.8K shares	$62.7M 1.3M shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	−$5.7M −353.5K shares	Sold Off 0 shares
BlackRock, Inc. Institution	−$5.6M −116.2K shares	$72.6M 1.5M shares
MORGAN STANLEY RIA/Wealth	−$5.3M −110.6K shares	$12.1M 252.1K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	−$5.0M −314.6K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited TRML in Q3 2025

New Positions: 41
New Value: $275.8M
Exited Positions: 25
Exited Value: $119.4M

New Positions

Institution	Position Value
F FIL Ltd Institution	$49.2M 1.0M shares
Magnetar Financial LLC Hedge Fund•Multi-Strategy	$46.2M 966.1K shares
Vivaldi Asset Management, LLC Fund of Funds	$33.3M 695.8K shares
TIG Advisors, LLC Hedge Fund•Multi-Strategy	$29.6M 619.8K shares
HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P. Institution	$21.8M 455.4K shares
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	$17.9M 374.8K shares
ARP AMERICAS LLC Hedge Fund•Multi-Strategy	$10.4M 217.2K shares
ALPINE ASSOCIATES MANAGEMENT INC. Hedge Fund•Merger Arb	$9.4M 196.2K shares
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy	$8.6M 180.2K shares
A ABC ARBITRAGE SA Institution	$6.7M 139.8K shares

Exited Positions

Institution	Previous Position
RA CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	$40.6M 2.5M shares
B Blue Owl Capital Holdings LP Institution	$15.9M 997.1K shares
Octagon Capital Advisors LP Hedge Fund•Sector	$14.5M 905.0K shares
Pictet Asset Management Holding SA Long Only Manager	$10.9M 682.1K shares
N Nantahala Capital Management, LLC Hedge Fund•Multi-Strategy	$8.9M 558.2K shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	$5.7M 353.5K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$5.0M 314.6K shares
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	$3.9M 243.7K shares
A ADAGE CAPITAL PARTNERS GP LLC Institution	$2.2M 135.6K shares
SECTORAL ASSET MANAGEMENT INC Venture Capital	$1.9M 116.5K shares

Options Activity

Institutions with the largest Call and Put options positions in TRML as of Q3 2025

Call Positions: 4
Call Value: $1.4M
Put Positions: 2
Put Value: $3.7M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$650.5K 136.0 contracts
J JANE STREET GROUP, LLC Institution	$516.6K 108.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$258.3K 54.0 contracts
F FNY Investment Advisers, LLC Hedge Fund•Multi-Strategy	- 0.1 contracts

Put Positions

Institution	Position Value
Centiva Capital, LP Hedge Fund•Multi-Strategy	$2.4M 500.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.3M 273.0 contracts

Most Committed Institutions

Institutions with TRML as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Q Qiming U.S. Ventures Management, LLC Institution	-	63.76% $35.5M	2.89% 741.7K shares	Q4 2022 Held for 3 years	$55.6M
Brown Trout Management, LLC Hedge Fund•Merger Arb	Steven Robert Gerbel Founder	21.78% $5.4M	0.44% 112.4K shares	Q3 2025 Held for 3 months	$24.7M
PFIZER INC Institution	Albert Bourla CEO	13.91% $60.8M	4.95% 1.3M shares	Q4 2024 Held for 1 year	$437.4M
L Longwood Capital Partners LLC Institution	-	13.27% $12.8M	1.04% 268.5K shares	Q4 2023 Held for 2 years	$96.8M
QVT Financial LP Hedge Fund•Multi-Strategy	Daniel Allen Gold CEO	11.80% $103.1M	8.39% 2.2M shares	Q2 2023 Held for 2y 6m	$873.7M
TCG Crossover Management, LLC Venture Capital	Chen Ming Yu Managing Partner	3.13% $62.7M	5.11% 1.3M shares	Q4 2023 Held for 2 years	$2.0B
H HARVEST MANAGEMENT LLC Hedge Fund•Event Driven	Nathaniel Lee Bohrer Managing Partner	2.35% $4.8M	0.39% 100.0K shares	Q3 2025 Held for 3 months	$203.3M
Vivo Capital, LLC Venture Capital	Frank Fang-Chien Kung Managing Partner	2.28% $28.3M	2.30% 591.9K shares	Q4 2023 Held for 2 years	$1.2B
Vivaldi Asset Management, LLC Fund of Funds	Michael Dillon Peck CEO	2.20% $33.3M	2.71% 695.8K shares	Q3 2025 Held for 3 months	$1.5B
HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P. Institution	Dustin David Norris President	1.96% $21.8M	1.77% 455.4K shares	Q3 2025 Held for 3 months	$1.1B

Hedge Fund Spotlight

Discover hedge funds investing in TRML

Magnetar Financial LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid Jay Snyderman

Portfolio Value: $15.4B
Positions: 724
Last Reported: Q3 2025

Sector Allocation

Position in Tourmaline Bio

Market Value: $46.2M
Shares Held: 966.1K
Portfolio Weight: 0.30%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 CoreWeave, Inc. CRWV	Software - Infrastructure Technology	$11.2B	72.75%
2 Norfolk Southern NSC	Railroads Industrials	$107.6M	0.70%
3 CyberArk Software CYBR	Software - Infrastructure Technology	$102.1M	0.66%