Why One Fund Made a $23 Million Bet on This Addiction-Treatment Stock Amid a Staggering Rally

On May 11, 2026, Claret Asset Management Corp disclosed a new position in Indivior (NASDAQ:INDV), acquiring 707,267 shares in a trade estimated at $23.36 million based on quarterly average pricing.

What happened

According to a SEC filing dated May 11, 2026, Claret Asset Management Corp established a new position in Indivior (NASDAQ:INDV) by acquiring 707,267 shares during the first quarter. The estimated transaction value, calculated using the average closing price for the quarter, was $23.36 million. At quarter end, the fund’s holding was valued at $21.56 million, reflecting market price changes as well as the purchase.

What else to know

• This was a new position for Claret Asset Management, making up 2.58% of its 13F reportable assets under management after the trade.
• Top five holdings after the filing:
  • NASDAQ:GOOGL: $52.96 million (6.4% of AUM)
  • UNK:BRK-B: $45.69 million (5.5% of AUM)
  • NYSE:GIB: $36.59 million (4.4% of AUM)
  • NASDAQ:AAPL: $28.53 million (3.4% of AUM)
  • NASDAQ:META: $27.98 million (3.4% of AUM)
• As of May 10, 2026, Indivior shares were priced at $39.50, up 260% over the past year, with a one-year alpha of 229 percentage points versus the S&P 500.

Company overview

Company snapshot

• Indivior develops and markets buprenorphine-based prescription drugs, including Suboxone Film, Suboxone Tablet, and Subutex Tablet, primarily for the treatment of opioid dependence.
• The company generates revenue through the sale of specialty pharmaceuticals, focusing on proprietary formulations and targeting regulated healthcare markets across the United States, United Kingdom, and internationally.
• Indivior employs a global workforce and maintains a presence in major pharmaceutical markets, supporting its mission to address opioid addiction worldwide.

Indivior is a leading specialty pharmaceutical company focused on the development and commercialization of treatments for opioid dependence. With a global footprint and a strong portfolio of proprietary products, Indivior leverages its expertise in addiction science to address critical public health challenges.

What this transaction means for investors

There’s certainly a lot of momentum around Indivior, and the company’s latest quarter helps explain the interest. First-quarter revenue climbed 19% year over year to $317 million, while Sublocade sales surged 32% to $232 million. Indivior also posted record adjusted EBITDA of $164 million, up 112% from a year earlier, and raised its full-year guidance. Management said more than 500,000 U.S. patients have now been prescribed Sublocade since launch.

What stands out here is that this is increasingly looking less like a turnaround story and more like a scaling pharmaceutical platform with strong cash generation. The company repurchased roughly 4 million shares for $125 million during the quarter while also refinancing debt, and last week, it announced an accelerated share repurchase agreement with Barclays worth $175 million.

With that in mind, this purchase ultimately looks like a conviction bet on a strong commercial growth story in healthcare rather than a speculative biotech swing. Indivior has already had a huge run, but Claret appears to be betting the company’s momentum still has room to continue as Sublocade keeps taking share in opioid use disorder treatment.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Apple, and Meta Platforms. The Motley Fool recommends CGI. The Motley Fool has a disclosure policy.