Pharmacyclics

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

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: 683,000

Average 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.

RELATED LINKS:



Follow Stockpickr on Twitter and become a fan on Facebook.
At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the website Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.

If you liked this article you might like

Wall Street Deflates in Pullback After Fed Excitement, No Records for Dow

Your Guide to Making a Lot of Money on the Driverless Car Boom

Sorry Elon Musk but Artificial Intelligence Grows Jobs: Domino's Pizza CEO