Fair Valueto look for fair value, the use of comparables is useful. Today, Baxalta reported their quarter adjusted earnings of $0.47 USD per share with revenue growth in the mid-teens. Shares trade at around $40 USD.
Not saying it is a perfect comparable, but it just goes to show the influence of market makers (or as someone here described them as 'managers') and how the average retail guy does not have a chance to invest on just fundamentals.