Hi David - being cautious is not a bad approach. So, I think you did the prudent thing. If I were you, I would want to protect my profit too~ It is hard to say if this is the bottom, especially the biotech sector is even more volatile than the net stocks, which begs a question of my sanity <G>: for the longest time I ve resisted getting into netmania. Then, all of the sudden 2 weeks ago, I moved 25% of my portfolio money [was deep in cash] into the drug/biotech/med device sector, with varying success. My smaller CHIR position and my bigger CEGE position cancel each other out [thanks goodness for the recent change of fortune in CHIR.] All in all, I am close to even [maybe a little red]
With the upcoming conference, I am hopeful that the informed will see the differences between a good biotech and a has been.
For giggle, I checked ABGX [I don't own it directly] and I see it is still ok. With the 1/4 billion dollars in the bank and ~2.5MM shares of ABGX, I am paying 5 bucks for 200 patents and 350 apps patents. While some of them may be secondary patents, I think CEGE has a good bunch of patents who can provide steady steam of loyalty for a long time to come.
The only downside is that we may have a AMZN symdrome. You know, people prefer to buy companies who are bleeding like crazy and who do not have a real killer apps.
Therefore, I am going to have faith in this one and ride her a bit longer.
best, Bosco |
