I would look for maybe 2 plays to put it in. I would look for stuff that is strong in cash and close to significant mile stones. I would look for the stronger plays. I mean lets face it I would say for ever 5 biotechs that have been played in the last few weeks there might be 1 that is truly strong in cash, has no debt and has some short term milestone. Just remember biotech is a very hard industry to play and can make or break you. Many biotechs have ran hard in the last few weeks but that can be alot to do with the hype that surrounding them right now. When that hype dies down you want to have stuff in your portfolio that is or was going up for a true reason not just because anything biotech was running.
Typically, I'd only do 2-3. Doesn't really matter how many you do. It all depends on certain things; like your tolerance for loss, how aggressive you're willing to be, etc. Managing the time you're exposed to them is what's important. If you're playing the catalysts, it's best to get in early and hedge as the date gets closer so there's at least a chance of you breaking even if things go tits up.
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