Good job on the low cost-basis. You're in pretty good shape for 2009 if the news flow is positive. If it is, your decision to hold on will probably look wise.
It's always tough to figure out when to sell. If I have a loser and the story has changed from why I originally invested, I have no problem selling. I have more trouble when trying to figure out when to sell winners.
I was fortunate enough to be in RIGL at cost basis around $9 when they announced positive (at least at that time) Phase II results for their oral RA drug. The stock shot from around my cost basis to about $25 and I decided to take the profit. If I get a quick triple, I'm usually apt to sell just because these biotechs ebb and flow so much. Now, the stock is back below $10, even though to me the story is still largely intact.
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