One name in the biotechnology space that insiders have been loading up on shares of is Pharmacyclics ( PCYC), a clinical-stage biopharmaceutical company focused on developing and commercializing small-molecule drugs for the treatment of cancer and immune mediated diseases. Insiders seem to have no problem paying up to own shares here since the stock is up over 70% so far in 2011. Whenever I see insiders buying a stock despite the fact that it has already advanced big, I take notice. Pharmacyclics has a market cap of $629 million and an enterprise value of $561 million. This is a cash-rich company, with over $54 million in cash on their balance sheet and zero debt. The CEO just bought 678,000 shares, or about $6 millionworth of stock, at $8.85 per share. This same CEO also bought over $6 million worth of stock in PCYC back in June of 2010. The most recent purchase by this CEO was part of a private placement that helped raise over $57.1 million for the company. From a technical standpoint, this stock is very close to a major breakout if it can manage to take out $10.75 a share on the upside. A move above this level would mark a brand new 52-week high and would likely bring in some momentum traders. It's also worth noting that some huge upside volume has been flowing into this stock for the entire month of June. If you like this stock, I would trade the breakout if you see big volume flow into this name once it punches above $10.75. Look for volume that's well above the three-month average action of 572,000 shares. Use a mental stop that's a few percent below the breakout level just in case it fails to hold. This is a heavily shorted stock in which the bears are losing the battle. The current short interest as a percentage of the float is 9.1%. The short-sellers have also been increasing their bets from the last reporting period by 6.2%, or by about 233,000 shares. If PCYC breaks out soon, look for this high short interest to fuel the stock significantly higher. Pharmacyclics shows up on a recent list of 17 Breakout Stocks to Watch.