Pharmaceutical companies. When I think of biopharma, the first word that pops into my head is, “stressful”. I’m right, to an extent. Pharmaceutical companies, especially those in the small cap / micro cap space live and die by drug approvals and pipeline passes. Failure to pass a drug test or failure to bring a product to market sends most biopharma’s down into the depths of their price history, with companies falling 50 – 60% on average after the rubble has been cleared. But yes, even in those depths can one find value, albeit contrarian deep value. When I look for Graham Net Nets, I’m not looking at the hottest sector, much the opposite. I want to find the industry that is going through the ringer (a la Retail). However, biotechnology hasn’t been in the depths of the markets. It has experienced stress with the new health care reform and drug pricing regulations. So, off I went to try to find some value in biopharma, and along came Juniper Pharmaceuticals.