The market has been very tough on small cap companies developing novel anti-microbials (e.g. antibiotics) since this past fall (See CDTX and PRTK for example). Therefore, ahead of NBRV's phase 3 data readout for the oral version of its novel antibiotic today, we dug deeper into earlier phase data for this oral formulation and saw some gastro-intestinal adverse events that made us worried about the market reaction, as we reported in our catalyst calendar on March 29. The data and market confirmed our fear today, as the market seemed to ignore generally positive efficacy data and focus on mostly mild adverse event data to drive the stock down 16.6% today. Fortunately, we closed our NBRV position in our Amp hypothetical portfolio ahead of today's data readout.