Chris,

Your thinking is pretty good, but what you are trying to do is not all that easy. Here's what I might suggest - go ahead and sell most of your shares, say 80%, at whatever price you decide, but keep 20% just in case. If you are correct and the price starts to decline soon after your sale, then sell some puts, say for a $2, strike, and figure on getting at least some of your shares by having them put to you for $2. As for the rest, wait until you think the price is right.

Absent a surprise partnership release (that would be a real surprise!), a great financing (I'll believe in non-dilutive financing when I see it), or, more miraculous, a buy out, could upset your apple cart, your best looking at this investment as just that.

Too many of us over too many years fall in love with this stock (or whichever one, but biotechs are very seductive), it's best to keep one's distance!