Vault-13

TOURMALINE BIO INC TRML

COM · Common Stock · CUSIP 89157D105

85 institutional holders -12 vs Q1 2024
21,795,42421.8m shares reported held*
$280.3mreported value*
19 new 37 added 14 reduced 31 sold out net bought ≈ $16.4m (+1.3m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($930.2k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $12.86. Options: 3 managers hold calls ($212.6k notional), 5 hold puts ($1.1m).

Trends to Q2 2024

Institutional holders

Managers reporting a position, each quarter

050100Q4 23: 55Q1 24: 97Q2 24: 8585Q4 23Q1 24Q2 24
Numbers
QuarterHolders
Q4 202355
Q1 202497
Q2 202485

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q1 24: 76 bought or addedQ1 24: 20 cut or sold outQ1 24Q2 24: 56 bought or addedQ2 24: 45 cut or sold outQ2 24
Numbers
QuarterBought or addedCut or sold out
Q1 20247620
Q2 20245645

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$5m$10m$15mQ3 23 calls: $0Q3 23 puts: $0Q3 23P/C —Q4 23 calls: $0Q4 23 puts: $0Q4 23P/C —Q1 24 calls: $10.8mQ1 24 puts: $4.0mQ1 24P/C 0.37Q2 24 calls: $212.6kQ2 24 puts: $1.1mQ2 24P/C 4.94
Numbers
QuarterCallsPutsP/C
Q3 2023$0$0—
Q4 2023$0$0—
Q1 2024$10.8m$4.0m0.37
Q2 2024$212.6k$1.1m4.94

Biggest buyers

RA CAPITAL MANAGEMENT, L.P. New +2,538,925+2.5m
BlackRock Inc. Added +1,228,841+1.2m
Nantahala Capital Management, LLC Added +700,907+700.9k
CITADEL ADVISORS LLC Added +332,108+332.1k
STATE STREET CORP Added +294,288+294.3k
GEODE CAPITAL MANAGEMENT, LLC Added +279,196+279.2k
MORGAN STANLEY Added +278,985+279.0k
Blue Owl Capital Holdings LP Added +268,000+268.0k
Eversept Partners, LP New +204,781+204.8k
Alyeska Investment Group, L.P. Added +175,000+175.0k

Biggest sellers

Deep Track Capital, LP Sold out -1,595,400-1.6m
Cormorant Asset Management, LP Sold out -1,250,000-1.2m
BRAIDWELL LP Sold out -906,820-906.8k
Darwin Global Management, Ltd. Sold out -465,000-465.0k
EVENTIDE ASSET MANAGEMENT, LLC Sold out -320,916-320.9k
STEMPOINT CAPITAL LP Sold out -274,219-274.2k
QVT Financial LP Reduced -237,091-237.1k
Artal Group S.A. Reduced -223,070-223.1k
MILLENNIUM MANAGEMENT LLC Sold out -137,587-137.6k
Invesco Ltd. Reduced -115,045-115.0k

Biggest calls

CITADEL ADVISORS LLC Added $209.6k16.3k shares
SIMPLEX TRADING, LLC Reduced $3.0k300 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $583.8k45.4k shares
JANE STREET GROUP, LLC Reduced $250.8k19.5k shares
CITADEL ADVISORS LLC Reduced $214.8k16.7k shares
SIMPLEX TRADING, LLC Reduced $1.0k100 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
Avoro Capital Advisors LLC 13G · institution filed 2025-08-14 9.9% 2.6m 2025-08-14
QVT Financial LP 13G · institution +2.7 pts · filed 2025-08-14 8.4% +2.7 pts 2.2m 2025-08-14
BlackRock, Inc. 13G · institution filed 2025-10-17 5.5% 1.4m 2025-10-17

Fell to 5% or below in the last year: RA CAPITAL MANAGEMENT, L.P. (0.0%, 2025-11-14)

Holders, Q2 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 RA CAPITAL MANAGEMENT, L.P. 0.43% of their portfolio BOSTON, MA 2,538,9252.5m $32.7m $32.7m 0.43% New
2 Avoro Capital Advisors LLC 0.38% of their portfolio NEW YORK, NY 2,222,2222.2m $28.6m $28.6m 0.38% Unchanged
3 BlackRock Inc. 0.00% of their portfolio New York, NY 1,724,2161.7m $22.2m $22.2m 0.00% Added +1.2m +1,228,841
4 Blue Owl Capital Holdings LP 6.14% of their portfolio New York, NY 1,715,4011.7m $22.1m $22.1m 6.14% Added +268.0k +268,000
5 TCG Crossover Management, LLC 1.98% of their portfolio PALO ALTO, CA 1,477,5931.5m $19.0m $19.0m 1.98% Unchanged
6 Nantahala Capital Management, LLC 0.91% of their portfolio NEW CANAAN, CT 1,401,8141.4m $18.0m $18.0m 0.91% Added +700.9k +700,907
7 JENNISON ASSOCIATES LLC 0.01% of their portfolio NEW YORK, NY 1,127,6911.1m $14.5m $14.5m 0.01% Added +12.4k +12,440
8 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 1,047,1221.0m $13.5m $13.5m 0.00% Added +132.6k +132,603
9 QIMING U.S. VENTURES MANAGEMENT, LLC 18.13% of their portfolio BELLEVUE, WA 741,691741.7k $9.5m $9.5m 18.13% Unchanged
10 RTW INVESTMENTS, LP 0.15% of their portfolio NEW YORK, NY 741,656741.7k $9.5m $9.5m 0.15% Unchanged
11 QVT Financial LP 0.86% of their portfolio New York, NY 711,275711.3k $9.1m $9.1m 0.86% Reduced -237.1k -237,091
12 Vivo Capital, LLC 0.70% of their portfolio Palo Alto, CA 591,882591.9k $7.6m $7.6m 0.70% Unchanged
13 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 486,968487.0k $6.3m $6.3m 0.01% Added +332.1k +332,108
14 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 453,073453.1k $5.8m $5.8m 0.00% Added +279.2k +279,196
15 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 328,031328.0k $4.2m $4.2m 0.00% Added +294.3k +294,288
16 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 327,942327.9k $4.2m $4.2m 0.00% Added +279.0k +278,985
17 Velan Capital Investment Management LP 2.35% of their portfolio ALPHARETTA, GA 319,080319.1k $4.1m $4.1m 2.35% Unchanged
18 ACUTA CAPITAL PARTNERS, LLC 2.92% of their portfolio REDWOOD CITY, CA 269,614269.6k $3.5m $3.5m 2.92% Added +8.5k +8,506
19 Alyeska Investment Group, L.P. 0.02% of their portfolio CHICAGO, IL 250,000250.0k $3.2m $3.2m 0.02% Added +175.0k +175,000
20 FMR LLC 0.00% of their portfolio BOSTON, MA 236,728236.7k $3.0m $3.0m 0.00% Reduced -2.3k -2,297
21 Eversept Partners, LP 0.20% of their portfolio NEW YORK, NY 204,781204.8k $2.6m $2.6m 0.20% New
22 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 170,447170.4k $2.2m $2.2m 0.00% Added +31.0k +31,029
23 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 163,234163.2k $2.1m $2.1m 0.00% Added +138.7k +138,687
24 Woodline Partners LP 0.02% of their portfolio San Francisco, CA 157,947157.9k $2.0m $2.0m 0.02% Added +588 +588
25 Schonfeld Strategic Advisors LLC 0.02% of their portfolio NEW YORK, NY 154,431154.4k $2.0m $2.0m 0.02% Reduced -27.5k -27,529
26 Nan Fung Group Holdings Ltd 2.01% of their portfolio KAI TAK, K3 146,800146.8k $1.9m $1.9m 2.01% Added +125.8k +125,813
27 MONTANOVA CAPITAL, LLC 0.07% of their portfolio New York, NY 125,000125.0k $1.6m $1.6m 0.07% Unchanged
28 Ikarian Capital, LLC 0.44% of their portfolio DALLAS, TX 108,483108.5k $1.4m $1.4m 0.44% Unchanged
29 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 107,408107.4k $1.4m $1.4m 0.00% Reduced -90.5k -90,511
30 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 100,076100.1k $1.3m $1.3m 0.00% Added +65.0k +64,950
31 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 98,31498.3k $1.3m $1.3m 0.00% Added +10.7k +10,699
32 SUPERSTRING CAPITAL MANAGEMENT LP 1.54% of their portfolio NEW YORK, NY 95,22995.2k $1.2m $1.2m 1.54% Added +25.3k +25,257
33 Artal Group S.A. 0.03% of their portfolio LUXEMBOURG, N4 91,42691.4k $1.2m $1.2m 0.03% Reduced -223.1k -223,070
34 HighVista Strategies LLC 0.39% of their portfolio BOSTON, MA 83,39783.4k $1.1m $1.1m 0.39% Added +30.3k +30,345
35 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 79,84579.8k $1.0m $1.0m 0.00% New
36 Walleye Capital LLC 0.01% of their portfolio NEW YORK, NY 78,90778.9k $1.0m $1.0m 0.01% New
37 DAFNA Capital Management LLC 0.23% of their portfolio LOS ANGELES, CA 75,98276.0k $977.1k $977.1k 0.23% New
38 AlphaCentric Advisors LLC 0.71% of their portfolio SAN JUAN, PR 75,00075.0k $964.5k $964.5k 0.71% Added +13.9k +13,900
39 PRUDENTIAL FINANCIAL INC 0.00% of their portfolio NEWARK, NJ 72,33572.3k $930.2k $930.2k 0.00% Added +1.3k +1,335
40 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 70,69770.7k $909.2k $909.2k 0.00% New
41 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 62,41962.4k $802.7k $802.7k 0.00% Added +42.3k +42,300
42 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 62,01162.0k $797.5k $797.5k 0.00% Added +54.2k +54,176
43 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 61,42461.4k $789.9k $789.9k 0.00% New
44 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 53,41853.4k $688.0k $688.0k 0.00% Unchanged
45 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 47,41447.4k $609.7k $609.7k 0.00% Added +11.3k +11,312
46 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 41,20441.2k $529.9k $529.9k 0.00% Reduced -48.7k -48,681
47 ALGERT GLOBAL LLC 0.02% of their portfolio SAN FRANCISCO, CA 39,86639.9k $512.7k $512.7k 0.02% Added +22.0k +21,965
48 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 38,03438.0k $489.1k $489.1k 0.00% Added +13.1k +13,089
49 Cubist Systematic Strategies, LLC 0.01% of their portfolio STAMFORD, CT 37,86137.9k $486.9k $486.9k 0.01% New
50 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 33,66633.7k $433.0k $433.0k 0.00% New
51 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 33,23933.2k $427.4k $427.4k 0.00% Added +33.1k +33,123
52 BOOTHBAY FUND MANAGEMENT, LLC 0.01% of their portfolio NEW YORK, NY 31,63331.6k $406.8k $406.8k 0.01% Unchanged
53 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 31,38831.4k $403.6k $403.6k 0.00% Added +22.5k +22,488
54 Jump Financial, LLC 0.01% of their portfolio Chicago, IL 27,78227.8k $357.3k $357.3k 0.01% New
55 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 25,40825.4k $326.7k $326.7k 0.00% Added +13.1k +13,148
56 Swiss National Bank 0.00% of their portfolio ZURICH, V8 25,20025.2k $324.1k $324.1k 0.00% Reduced -6.8k -6,800
57 Alpine Global Management, LLC 0.05% of their portfolio NEW YORK, NY 22,64822.6k $291.3k $291.3k 0.05% New
58 ADAR1 Capital Management, LLC 0.05% of their portfolio AUSTIN, TX 21,06021.1k $270.8k $270.8k 0.05% Added +9.5k +9,500
59 ALPS ADVISORS INC 0.00% of their portfolio Denver, CO 19,98920.0k $257.1k $257.1k 0.00% New
60 Legal & General Group Plc 0.00% of their portfolio London, X0 19,22419.2k $247.2k $247.2k 0.00% Added +4.2k +4,211
61 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.01% of their portfolio HOUSTON, TX 17,26717.3k $222.1k $222.1k 0.01% Unchanged
62 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 14,48014.5k $186.2k $186.2k 0.00% Added +13.1k +13,134
63 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 13,32113.3k $171.3k $171.3k 0.00% Reduced -1.3k -1,257
64 Corebridge Financial, Inc. 0.00% of their portfolio HOUSTON, TX 12,41912.4k $159.8k $159.8k 0.00% First filing
65 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 11,85911.9k $152.5k $152.5k 0.00% Reduced -115.0k -115,045
66 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 11,68611.7k $150.3k $150.3k 0.00% Reduced -297 -297
67 JANUS HENDERSON GROUP PLC 0.00% of their portfolio LONDON, X0 11,50011.5k $147.7k $147.7k 0.00% Reduced -93 -93
68 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 10,14310.1k $130.4k $130.4k 0.00% Added +10.0k +10,017
69 UBS Group AG 0.00% of their portfolio ZURICH, V8 9,7009.7k $124.7k $124.7k 0.00% Added +6.9k +6,879
70 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 9,3039.3k $119.6k $119.6k 0.00% New
71 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 9,3009.3k $119.6k $119.6k 0.00% New
72 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 8,2978.3k $106.7k $106.7k 0.00% Added +5.1k +5,055
73 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 5,7265.7k $73.6k $73.6k 0.00% Reduced -3.1k -3,081
74 AlphaQuest LLC 0.01% of their portfolio New York, NY 3,8223.8k $49.2k $49.2k 0.01% Added +2.2k +2,189
75 China Universal Asset Management Co., Ltd. 0.01% of their portfolio SHANGHAI, F4 3,0123.0k $38.7k $38.7k 0.01% Reduced -1.9k -1,927
76 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 2,4402.4k $31.0k $31.0k 0.00% New
77 Ameritas Investment Partners, Inc. 0.00% of their portfolio LINCOLN, NE 2,2622.3k $29.1k $29.1k 0.00% New
78 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 1,6481.6k $21.2k $21.2k 0.00% Added +240 +240
79 AMALGAMATED BANK 0.00% of their portfolio NEW YORK, NY 799799 $10.0k $10.0k 0.00% New
80 Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio SEOUL, M5 766766 $10.1k $10.1k 0.00% New
81 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 250250 $3.2k $3.2k 0.00% Unchanged
82 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 104104 $1.0k $1.0k 0.00% Reduced -1.9k -1,914
83 Daiwa Securities Group Inc. 0.00% of their portfolio CHIYODA-KU,TOKYO, M0 9595 $1.0k $1.0k 0.00% Unchanged
84 CWM, LLC 0.00% of their portfolio OMAHA, NE 99 $0 $0 0.00% New
85 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged