You can probably tell from the wording that I think this is a bogus question. In my experience, the investors who say these kinds of things on biotech message boards are the ones with an unduly emotional attachment to their stock picks. More often than not, you will find that these investors turn out to be the bagholders rather than the ones who actually make money from biotech investing.
Having an emotional attachment to a stock and refusing to sell regardless of circumstances is the quickest way to lose your money in the stock market, especially in biotech. You won't get any argument from me on that.
When I buy a biotech, it's normally for a very specific reason and I will hold until certain specific events pass, whether that's an FDA decision on a drug, Phase II or III trial results, etc. If those events don't transpire the way I expect, the stock tanks, and therefore the story/outlook has changed, I have no problem selling and moving on at a loss. I've had to do that a couple of times this past year.
So, the bottom line, at least for me, is to constantly re-evaluate your stocks. Would you still buy your current holdings today? That's something I try to constantly ask myself. If not, perhaps it's time to make a switch.
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