I’ve been content sitting on the sidelines with the positions in my portfolio, so I’m not pressed to spend cash for the sake of spending cash. Seemingly each day that passes the market rises higher and higher, and the bargain bits and pieces are being steadily sucked up in the vacuum that is ‘animal spirits’, among other things. Once again, this isn’t an excuse, only an observation of the underlying market conditions. There is still value to be found if one presses hard enough. Oddly enough, I can’t seem to get away from biotech whenever I start digging for bargains. I am not sure if it is how biotech companies value the assets on their books or what not, but this is where I’m finding the most value. Unfortunately there is so much left to be determined on Capitol Hill that many of these smaller companies are left in limbo when it comes to decision making. Not having a consistent tax code in place, nor even knowing what the next healthcare system will look like plague the companies and those who seek to invest. One such company is Alcobra Pharma, or ADHD (clever ticker, right?). ADHD is a classic NCAV discount play trading at a 30% discount to its NCAV. Usually I would like that discount to be at least 50%, but I think ADHD is developing something that could be a strong catalyst in its market. Before we get into the catalyst, it’s important to take a look at the fundamentals of this company.