PCYC - Hot biotech stock, uptrend broken, watch for reversal
Strong uptrend in PCYC recently broken and beaten down to well below the average analyst price target of $146. Pharmacyclics is a clinical stage biotech stock that recently got approval of its drug Ibrutinib, a cancer treatment drug. Their drug has had very successful results and are setup to have a very strong first quarter earnings next year. Despite the sky-high P/E ratio, good earnings should eventually push this stock at least back to around its trend of about $132.98 and great earnings could push it even closer to the analyst estimate of $146. I would buy after stock moves back to and shows good support at the 101.37 area and set stop at around the $96.88 area.
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