Paul, I'm beginning to think I play the bios all together wrong. I have about 5 of them long and usually trade in and out until I feel like I have a comfortable cushion to hold for the long term.
I think a better play might be to short a basket of them with loose stop loss orders to protect against a DNA type of event. It seems these stocks take a beating more often than not. The chances of getting a product to market is pretty slim.
I've always held out for the homerun. Maybe I need to change my perspective and go for a strike out. (Wish I'd been short LJPC today). nwsailor