Solid reversal & breakout w/throwback of a 3 day counter trend on the Spectrum deal news. And it couldn't have happened on a better technical day as we are on day 1 of a buy-if , which we think will confirm either today or tomorrow. A bit of a whipsaw AM, with a tag to the 50% swing retrace, but with a clear trend now, and likely painting a bullish hammer today. All this suggests rising confidence of a re test of the $23 mark on this swing.
Long term, given we see positive comps for the next few qtrs, we see the P&F target of $27.5 is probable before the year is out. Biggest risk to this target is in the full control of the board - it would be impatience by management that leads to a lame non accretive buyout of some failed biotech.