Nice find, Misa! I would cut it back, too. I am no expert, but I don't think you are going to see any branching or new buds there, like you might on a phal. I would also repot it as soon as you are able and keep it by itself until you are sure there are no pests or diseases being carried along.
I love these type of orchids. I have a similar one that has the absolute sweetest fragrance. Does yours have a scent?