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The following is the top 9 biotech stocks in terms of institutional inflows over the last 3 months. For each stock, we'll list the change in institutional ownership over the last 3 months.

To give perspective on current investor sentiment, we'll also include short float and performance data.

We won't go into details about the drugs being developed by each company. The goal here is to give you a starting point based on a quantitative screen.

Short float data sourced from Finviz, institutional trading data sourced from Reuters.com.

click for expanded image

The list has been sorted by change in institutional ownership.

1. Crucell NV (CRXL): Market cap of $1,674B. Institutional investors, who own 10.12% of the company, currently owns 8,244,942 shares vs. 5,109,700 shares held 3 months ago (+61.36% change). Short float at 0.87%, which implies a short ratio of 7.22 days. The stock has lost -13.1% over the last year.

2. Sequenom Inc. (SQNM): Market cap of $500M. Institutional investors, who own 54.68% of the company, currently owns 41,032,190 shares vs. 26,622,509 shares held 3 months ago (+54.13% change). Short float at 26.07%, which implies a short ratio of 8.28 days. The stock has gained 15.83% over the last year.

3. Clinical Data, Inc. (CLDA): Market cap of $492M. Institutional investors, who own 33.99% of the company, currently owns 10,147,220 shares vs. 7,364,396 shares held 3 months ago (+37.79% change). Short float at 13.3%, which implies a short ratio of 18.17 days. The stock has gained 6.74% over the last year.

4. NPS Pharmaceuticals, Inc. (NPSP): Market cap of $390M. Institutional investors, who own 87.9% of the company, currently owns 51,834,805 shares vs. 38,774,483 shares held 3 months ago (+33.68% change). Short float at 4.13%, which implies a short ratio of 8.28 days. The stock has gained 41.24% over the last year.

5. Immunogen Inc. (IMGN): Market cap of $383M. Institutional investors, who own 76.79% of the company, currently owns 52,178,352 shares vs. 41,618,616 shares held 3 months ago (+25.37% change). Short float at 8.92%, which implies a short ratio of 7.38 days. The stock has lost -28.1% over the last year.

6. Momenta Pharmaceuticals Inc. (MNTA): Market cap of $687M. Institutional investors, who own 83.16% of the company, currently owns 37,652,025 shares vs. 31,665,207 shares held 3 months ago (+18.91% change). Short float at 13.55%, which implies a short ratio of 3.93 days. The stock has gained 43.93% over the last year.

7. Questcor Pharmaceuticals, Inc. (QCOR): Market cap of $635M. Institutional investors, who own 81.56% of the company, currently owns 50,655,431 shares vs. 46,456,741 shares held 3 months ago (+9.04% change). Short float at 7.27%, which implies a short ratio of 6.03 days. The stock has gained 60.69% over the last year.

8. Amylin Pharmaceuticals, Inc. (AMLN): Market cap of $3,072B. Institutional investors, who own 98.73% of the company, currently owns 141,850,211 shares vs. 132,214,769 shares held 3 months ago (+7.29% change). Short float at 11.46%, which implies a short ratio of 7.88 days. The stock has gained 56.63% over the last year.

9. Emergent BioSolutions, Inc. (EBS): Market cap of $579M. Institutional investors, who own 55.14% of the company, currently owns 17,263,457 shares vs. 16,185,975 shares held 3 months ago (+6.66% change). Short float at 5.15%, which implies a short ratio of 3.72 days. The stock has lost -6.28% over the last year.

Disclosure: No positions

Source: Smart Money's Top 9 Biotech Picks