CARA is up almost 30% since the beginning of the year. CARA's lead drug Korsuva, treats severe itching, known as pruritis, a condition without an effective treatment for many patients with chronic kidney disease, liver disease, and dermatological conditions. As we highlighted in our Seeking Alpha article from December 27, 2018, and our blog post to Amp Core subscribers in January, CARA's valuation looked very attractive going into 2019, with quite a bit of upside if its trials with its oral formulation go well this year. The report out on January 2 that the phase 3 trial for IV delivery does not need any increase in patient numbers, gives us more confidence that the phase 3 IV delivery trial will read out positively in Q2, 2019. At a market cap of $662M, with $200M cash at the end of Q3, and a major partner for its IV Korsuva, we still like CARA at the present valuations, although we will likely trim some of our position and take some profits as part of our mid-quarter repositioning.