What to Know About This Fund's $74.8 Million Indivior Sale

On May 15, 2026, Divisadero Street Capital Management disclosed it sold 2,263,703 shares of Indivior (NASDAQ:INDV), an estimated $74.76 million trade based on quarterly average pricing.

What happened

According to a May 15, 2026, SEC filing, Divisadero Street Capital Management reduced its position in Indivior by 2,263,703 shares during the first quarter. The estimated transaction value was $74.76 million based on the period’s average closing price. The fund’s Indivior stake ended the quarter at 521,083 shares, with the position’s value decreasing by $84.04 million over the quarter, reflecting share sales and price changes.

What else to know

• After the sale, Indivior represents 0.7% of the fund’s reportable assets under management.
• Top holdings after the filing:
  • NYSE: SGHC: $176.32 million (8.3% of AUM)
  • NYSE: RSI: $139.78 million (6.5% of AUM)
  • NASDAQ: DAVE: $111.56 million (5.2% of AUM)
  • NASDAQ: CELH: $89.95 million (4.2% of AUM)
  • NYSE: CLS: $86.14 million (4.0% of AUM)
• As of Friday, Indivior shares were priced at $36.02, up close to 200% this past year and well outperforming the S&P 500, which is instead up about 28%.

Company overview

Company snapshot

• Indivior develops and markets buprenorphine-based prescription drugs for opioid dependence, including Suboxone Film, Suboxone Tablet, and Subutex Tablet.
• The company generates revenue through the manufacture and sale of specialty pharmaceuticals, primarily targeting the opioid addiction treatment market across the United States, United Kingdom, and other global regions.

Indivior is a specialty pharmaceutical company with a focus on opioid addiction treatment, leveraging its proprietary buprenorphine formulations to address a critical public health need. Indivior operates in the United States, Rest of World, and United Kingdom markets.

What this transaction means for investors

This sale ultimately looks like profit-taking after a remarkable run rather than a sign that Indivior's business momentum is fading. Divisadero Street Capital reduced a position that had become a major winner, but the company's latest results suggest the underlying story remains intact.

Late last month, Indivior reported that first-quarter revenue rose 19% year over year to $317 million, driven largely by SUBLOCADE, whose sales jumped 32% to $232 million. Profitability improved even faster, with adjusted EBITDA more than doubling to a record $164 million and GAAP net income climbing to $89 million from $47 million a year earlier.

Management's outlook also became more optimistic. Following strong first-quarter demand, the company raised its 2026 guidance and now expects up to $1.29 billion in revenue and as much as $660 million in adjusted EBITDA. CEO Joe Ciaffoni said Indivior is on track to enter the next phase of its growth plan during the second half of 2026, while CFO Ryan Preblick pointed to accelerating SUBLOCADE adoption and growing cash generation.

With more than 500,000 patients prescribed SUBLOCADE since launch and guidance moving higher, the key question for investors going forward is whether the company's growth can continue to justify the stock's massive run.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Celestica and Celsius Holdings. The Motley Fool has a disclosure policy.