Billionaire Howard Marks’ 5 Stock Picks with Huge Upside Potential

2. Indivior Pharmaceuticals, Inc. (NASDAQ:INDV)

Oaktree Capital Management’s Stake: $255 Million

Analyst Upside Potential: 82%

Indivior Pharmaceuticals, Inc. (NASDAQ:INDV) presents an interesting case study into the investment philosophy at Oaktree Capital Management. The fund first disclosed a stake in the company in the first quarter of 2024. This position comprised over 3.3 million shares. The fund added to this holding in the coming quarters, growing it to 11 million shares by the end of the second quarter of 2025. Filings for the fourth quarter of 2025 show that the fund owned over 7 million shares in the company, down 97% compared to filings for the previous quarter. Indivior engages in the development, manufacture, and sale of buprenorphine-based prescription drugs.

Indivior Pharmaceuticals, Inc. (NASDAQ:INDV) recently completed official redomiciliation from the UK to the United States. Following the move, it was added to the S&P SmallCap 600 effective late 2025. Funds believe that as a US-domiciled company, the shares will finally be valued against US biotech peers which typically trade at higher multiples rather than lower-multiple European pharma stocks. These investors are betting on the continued dominance of SUBLOCADE, the long-acting injectable for opioid use disorder marketed by the firm. For the full year 2026, management has projected SUBLOCADE revenue between $905 million and $945 million.