At around $70 we thought this one was getting a little pricey. Unless they have discovered some elixir than extends life itself we would suggest this is a sell. There are a few good reasons. There is, arguable a nice 5 wave move up from the lows in 2002 and from $70 onwards this one is climbing vertically. Waves 5 and 3 are about equal in length. The Mount Everest effect clearly played a role, the stocks high was at $99.56, can you get much closer to $100?? The p/e at $70 was already at 44x, today it is at 62.38X. This company is in the pharmacy benefit management business. The company was founded in 1993, started trading on the TSX in 1995 and went IPO in 2006 on Nasdaq.
If this call proves to be correct over time it should fall back to at least $40 and should do so in a matter of months!
