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.
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% |
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Page 1 of 5 – SEC Filing
STATES
SECURITIES AND EXCHANGE COMMISSION
D.C. 20549
13G
the Securities Exchange Act of 1934
(Amendment No.
10)*
of Issuer)
(Title of Class of Securities)
(CUSIP Number)
(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.
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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Page 2 of 5 – SEC Filing
| CUSIP No. | 45781M101 |
| 1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||||
| The Baupost Group, L.L.C. 04-3402144 | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||
| (a) o | |||||
| (b) x | |||||
| 3 | SEC USE ONLY | ||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| The Commonwealth of Massachusetts | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 5 | SOLE VOTING POWER | |||
| 0 | |||||
| 6 | SHARED VOTING POWER | ||||
| 17,371,043 | |||||
| 7 | SOLE DISPOSITIVE POWER | ||||
| 0 | |||||
| 8 | SHARED DISPOSITIVE POWER | ||||
| 17,371,043 | |||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 17,371,043 | |||||
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
| o | |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
| 15.29% | |||||
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| IA | |||||
FOOTNOTES | |||||
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Page 3 of 5 – SEC Filing
| CUSIP No. | 45781M101 |
| 1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||||
| SAK Corporation 04-3334541 | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||
| (a) o | |||||
| (b) x | |||||
| 3 | SEC USE ONLY | ||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| The Commonwealth of Massachusetts | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 5 | SOLE VOTING POWER | |||
| 0 | |||||
| 6 | SHARED VOTING POWER | ||||
| 17,371,043 | |||||
| 7 | SOLE DISPOSITIVE POWER | ||||
| 0 | |||||
| 8 | SHARED DISPOSITIVE POWER | ||||
| 17,371,043 | |||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 17,371,043 | |||||
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
| o | |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
| 15.29% | |||||
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| HC | |||||
FOOTNOTES | |||||
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Page 4 of 5 – SEC Filing
| CUSIP No. | 45781M101 |
| 1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||||
| Seth A. Klarman | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||
| (a) o | |||||
| (b) x | |||||
| 3 | SEC USE ONLY | ||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| The United States of America | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 5 | SOLE VOTING POWER | |||
| 0 | |||||
| 6 | SHARED VOTING POWER | ||||
| 17,371,043 | |||||
| 7 | SOLE DISPOSITIVE POWER | ||||
| 0 | |||||
| 8 | SHARED DISPOSITIVE POWER | ||||
| 17,371,043 | |||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 17,371,043 | |||||
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
| o | |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
| 15.29% | |||||
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| HC | |||||
FOOTNOTES | |||||
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Page 5 of 5 – SEC Filing
reasonable inquiry and to the best of my knowledge and belief, I certify that
the information set forth in this statement is true, complete and correct.
| The Baupost Group, L.L.C. | |||
| Date: September 09, 2016 | By: | /s/ Seth A. Klarman | |
Name: Seth A. Klarman | |||
Title: Chief Executive Officer and President | |||
| SAK Corporation | |||
| Date: September 09, 2016 | By: | /s/ Seth A. Klarman | |
Name: Seth A. Klarman | |||
Title: President | |||
| Seth A. Klarman | |||
| Date: September 09, 2016 | By: | /s/ Seth A. Klarman | |
Name: Seth A. Klarman | |||
| Footnotes: | Item 3, Item 4 and Item 7 This statement on Schedule 13G is being jointly filed by The Baupost Group, L.L.C. (“Baupost”), SAK Corporation and Seth A. Klarman. Baupost is a registered investment adviser and acts as an investment adviser and general partner to various private investment limited partnerships. Securities reported on this statement on Schedule 13G as being beneficially owned by Baupost were purchased on behalf of certain of such partnerships. SAK Corporation, as the Manager of Baupost, and Mr. Klarman, as the sole shareholder of SAK Corporation and a controlling person of Baupost, may be deemed to have beneficial ownership under Section 13 of the Securities Exchange Act of 1934, as amended, of the securities beneficially owned by Baupost. Pursuant to Rule 13d-4, Seth A. Klarman and SAK Corporation declare that the filing of this statement on Schedule 13G shall not be deemed an admission by either or both of them that they are, for the purposes of Section 13 of the Securities Exchange Act of 1934, as amended, the beneficial owner of any securities covered by this statement on Schedule 13G. |
| Attention: | Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001) |
