Hey Bearofbleecker, I enjoy your posts. I was worried that the FDA approval for CLL may be baked into the the previous high of $145, which put PCYC at a market cap of over 10.6 Billion, on projected earnings of less than 500 mil in 2014. Also, there is The Street's article, quoted above under "FDA Approval = Selloff." I bought late at 131, and sold some of my position at about 144, before it dropped today and yesterday. I would welcome your thoughts about PCYC's 2014 upside versus downside.
My guess: Either becuase of: (a) A belief that FDA approval for CLL is about to be announced in advance of the 2/28/14 deadline; (b) Fear of missing this imminent announcement; (c) Expectation of a big earnings beat from Ibrutinib's presecriptions. Anyone know?
Way better for PCYC to jump from today's range than from last months 106. On November 14, 2013, FDA approved Ibrutinib for MCL Thought FDA would have approved it for CLL by now. Why wait until 2/28/14?