Buyout "risk"
I just want to see if anyone else shares this concern/frustration when investing in biotechs. Say you've found a little biotech that you feel has enormous long-term potential but the company gets bought out by a larger biotech/big pharma for a significant premium. So, the stock maybe doubles in one day but then you miss out on all that long-term upside. And if it is bought out by a larger company, you're not really going to experience that appreciation by investing in the acquiring company since it already has a large market cap.
E.g. Dew, I think you mentioned before that you didn't sell MNTA in the $20s because you felt the upside was much greater. How would you feel if NVS bought the company at $20/share? Sure, we'd get more than a double, which is nice, but then you miss out on all that long-term upside.