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Innoviva Inc. (INVA): Billionaire Seth Klarman’s Baupost Group Reduces Stake

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An amended 13G filing with the US Securities and Exchange Commission revealed that billionaire Seth Klarman‘s Baupost Group has decreased its stake in Innoviva Inc. (NASDAQ:INVA) to 17.37 million shares, which represent 15.29% of the company’s outstanding stock. According to the fund’s latest 13F filing, its stake previously consisted of 17.61 million shares held at the end of June.

Innoviva, formerly known as Theravance, is a biopharmaceutical company that delivers new medicines to patients in areas of unmet need. Recently, Innoviva and GlaxoSmithKline plc reported positive results from the COPD Salford Lung Study, in which the performance of Relvar® Ellipta® in patients with the chronic obstructive pulmonary disease was being evaluated. Since the beginning of the year, the company’s stock has gained 6.55%. For the second quarter of 2016, Innoviva reported earnings per share of $0.13 and revenue of $32.47 million, compared to a loss per share of $0.07 and revenue of $10.65 million for the same quarter in the previous year.

BAUPOST GROUP

According to Insider Monkey’s hedge fund database, 20 investors were long Innoviva (NASDAQ:INVA) at the end of June, compared to 18 smart money managers in the previous quarter. Some of the bullish investors included David Cohen and Harold Levy’s Iridian Asset Management, with a position worth around $113.65 million, Allan Teh’s Kamunting Street Capital, which held a position valued at $7 million in BOND options, Jean-Marie Eveillard’s First Eagle Investment Management, and Glenn Russell Dubin’s Highbridge Capital Management.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
The Baupost Group 0 17,371,043 0 17,371,043 17,371,043 15.29%
SAK Corporation04-3334541 0 17,371,043 0 17,371,043 17,371,043 15.29%
Seth A. Klarman 0 17,371,043 0 17,371,043 17,371,043 15.29%

Seth Klarman
Seth Klarman
Baupost Group

Page 1 of 5 – SEC Filing



UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
SCHEDULE
13G
Under
the Securities Exchange Act of 1934

(Amendment No.
10)*
Innoviva, Inc. 

(Name
of Issuer)
Common Stock

(Title of Class of Securities)

45781M101

(CUSIP Number)

August 31, 2016

(Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

x
Rule
13d-1(b)

o
Rule
13d-1(c)

o
Rule
13d-1(d)
*
The remainder of this cover page shall be filled out for a reporting person’s
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The
information required in the remainder of this cover page shall not be deemed to
be “filed” for the purpose of Section 18 of the Securities Exchange Act of
1934 (“Act”) or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


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