Strong uptrend in PCYC recently broken and beaten down to well below the analyst price target of $146. Pharmacyclics is a clinical stage biotech 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 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 moves back to and shows good support at the 101.37 area and set stop at around the $96.88 area.
Update: Nice sign of reversal both yesterday and today (12/18, 12/19) putting together some solid green candlesticks. Looking like there is a good chance we will close up again today. Notice the progress coming out of oversold territory on RSI-14 (forgot to add this indicator on chart). I forgot to mention on original post that another key signal here was PCYC's move into oversold territory. This stock hasn't been in oversold territory since over a year ago in November of 2012. As this comes out of oversold territory and continues to show positive momentum, I think we have a solid long-term buy and hold up through next earnings.