I always appreciate your posts. I'd like to provide a bit of different perspective.
The decision of if you should sell a stock or not certainly should not be simply wishful thinking. It should be some calculation of potential future earnings and current value.
We can certainly look at the past and say, " had i known DRP would fail I would of sold at $60 or $50. Unfortunately this is in the past. I consider the current reasonable value based on earnings potential of the company to be around $25 to $30.
The fact is that small biotech's tend to be feast or famine. There are events that tend to provide huge stock gains or losses based on events that tend only to happen once in a long while. When these events I noticed that the upside and downside typically appears to be overshot. A lot of people on this board I suspect have done well trading this stock. I have not as I don't trade it.
If the current stock price was $27, I would unload a portion of my shares to lighten up. It is not, therefore I won't sell.
Regarding the letters. For me the letters, for those who have time to write them, are very helpful. Not so much for the stock price, but to remind those in the FDA making decisions of the suffering so many patients are going through without good treatments.