You did the right thing imo :)
Biotech runs on hot air. You must have realized that by now. I mean there is an obvious and glaring difference between a pharma like ABT and even Abbvie whose product lines exist and whose revenues can be forecast with different degrees of accuracy, the "biotech values" on Ihub Biotech Values board almost all run on hot gas lol :)
Currently I am accumulating clvs. if you look at the chart, it has gone from 90 to 36, a neat 60% hair cut. It would be negligent not to book a gain with biotechs, ST or LT, but mostly ST because that is exactly the nature of the thing.
Common retailers are attracted by the high volatility (due to non existent/or negative E in the P/E )and forget to book their ST gain, at least for those who have gains.
During the dot com boom and bust back in the early 2000s, I have seen so many mini fortunes melted away because of the almost instinctive aversion to pay Uncle Sam his share (of LT gains).What a shame.
When I first started to speculate in stocks back in the 80s. My friends and I,we were the earliest subscribers to the Investor's Business Daily and we all got the Red Book and we all tried to trade with the CANSLIM formula and we all failed to make any fortune lol.
I am a great believer in the sage of Omaha and one of his principles is to "read,read,read" and I read a lot to learn about the mkt and mostly about myself. To be exact, how to control myself.
