Pharmacyclics (PCYC) is a clinical-stage biopharmaceutical company focused on developing and commercializing small-molecule drugs for the treatment of cancer and immune mediated diseases. This stock is trading up 3.6% at $44.22 in recent trading.
Today's Volume: 683,000Average Volume: 803,900 Volume % Change: 50%. From a technical perspective, PCYC is surging higher here with decent volume. This move has pushed PCYC into new 52-week-high territory, which is bullish technical price action. That said, shares of PCYC are starting to enter extremely overbought territory as well, since its current relative strength index reading is now 85.56. Overbought can always get more overbought, but keep in mind that this stock has soared in the last six months from $15.70 to over $44. Traders would probably be better served to wait for PCYC to work off some of these overbought conditions, and start to form a new base, before looking for buying opportunities. That said, if PCYC continues to tag new 52-week highs, then in the short-term it could easily hit $50. Pharmacyclics shows up on a list of Hot Biotech Stocks Traded by Hedge Funds. To see more stocks rising on unusual volume, check out the Stocks Rising On Unusual Volume portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.
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