Miss PCYC's $94.20 Secondary But Think It's A Deal At $80?

Looking back to 157 days ago, Pharmacyclics, Inc. (NASD: PCYC) priced a 2,200,000 share secondary stock offering at $94.20 per share. Buyers in that offering made a considerable investment into the company, expecting that their investment would go up over the course of time and based on early trading on Monday, the stock is now 16.8% higher than the offering price.