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The following is a list of the most undervalued biotech stocks, when comparing the current price against the average analyst target price (used as a proxy for fair value).

Yes, there are many limitations to this approach, and we suspect there are many falling knives here. But the goal here is to give you a starting point for your own analysis.

Target price data sourced from Finviz. Full analysis below.

The list has been sorted by discount to analyst target price.

1. Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX): Market cap of $526.34M. Yesterday's closing price at $1.56 vs. target price of $2.25 (discount of -30.67%). Short float at 2.65%, which implies a short ratio of 12.33 days. The stock has gained 6.85% over the last year.

2. Corcept Therapeutics Inc. (NASDAQ:CORT): Market cap of $263.63M. Yesterday's closing price at $3.66 vs. target price of $5.25 (discount of -30.29%). Short float at 1.79%, which implies a short ratio of 16.77 days. The stock has gained 59.13% over the last year.

3. American Oriental Bioengineering Inc. (AOB): Market cap of $234.95M. Yesterday's closing price at $2.99 vs. target price of $4.17 (discount of -28.3%). Short float at 6.74%, which implies a short ratio of 10.57 days. The stock has lost -27.78% over the last year.

4. Cytori Therapeutics, Inc. (NASDAQ:CYTX): Market cap of $218.61M. Yesterday's closing price at $4.38 vs. target price of $6.00 (discount of -27.00%). Short float at 13.71%, which implies a short ratio of 14.78 days. The stock has gained 23.38% over the last year.

5. Cypress Bioscience, Inc. (CYPB): Market cap of $155.13M. Yesterday's closing price at $4.02 vs. target price of $5.50 (discount of -26.91%). Short float at 4.94%, which implies a short ratio of 3.11 days. The stock has lost -40.71% over the last year.

6. Emergent BioSolutions, Inc. (NYSE:EBS): Market cap of $614.54M. Yesterday's closing price at $17.70 vs. target price of $24.10 (discount of -26.56%). Short float at 6.85%, which implies a short ratio of 8.56 days. The stock has gained 13.03% over the last year.

7. Idenix Pharmaceuticals Inc. (NASDAQ:IDIX): Market cap of $312.31M. Yesterday's closing price at $4.28 vs. target price of $5.80 (discount of -26.21%). Short float at 9.39%, which implies a short ratio of 9.05 days. The stock has gained 122.92% over the last year.

8. VIVUS Inc. (NASDAQ:VVUS): Market cap of $572.18M. Yesterday's closing price at $7.05 vs. target price of $9.25 (discount of -23.78%). Short float at 16.33%, which implies a short ratio of 3.73 days. The stock has lost -4.6% over the last year.

9. Micromet, Inc. (NASDAQ:MITI): Market cap of $622.81M. Yesterday's closing price at $7.69 vs. target price of $10.07 (discount of -23.63%). Short float at 6.29%, which implies a short ratio of 19.16 days. The stock has gained 28.17% over the last year.

10. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN): Market cap of $2.15B. Yesterday's closing price at $26.10 vs. target price of $33.89 (discount of -22.99%). Short float at 6.95%, which implies a short ratio of 9.77 days. The stock has gained 66.14% over the last year.

11. Acorda Therapeutics, Inc. (NASDAQ:ACOR): Market cap of $1.08B. Yesterday's closing price at $27.70 vs. target price of $35.52 (discount of -22.02%). Short float at 17.53%, which implies a short ratio of 9.15 days. The stock has gained 16.48% over the last year.

12. Nektar Therapeutics (NASDAQ:NKTR): Market cap of $1.31B. Yesterday's closing price at $13.94 vs. target price of $17.75 (discount of -21.46%). Short float at 10.27%, which implies a short ratio of 19.07 days. The stock has gained 56.98% over the last year.

13. Targacept, Inc. (NASDAQ:TRGT): Market cap of $694.04M. Yesterday's closing price at $24.25 vs. target price of $30.57 (discount of -20.67%). Short float at 3.75%, which implies a short ratio of 10.71 days. The stock has gained 20.59% over the last year.

14. Martek Biosciences Corp. (MATK): Market cap of $748.95M. Yesterday's closing price at $22.37 vs. target price of $27.80 (discount of -19.53%). Short float at 22.25%, which implies a short ratio of 27.5 days. The stock has gained 21.44% over the last year.

15. PROLOR Biotech, Inc. (NYSEMKT:PBTH): Market cap of $344.8M. Yesterday's closing price at $6.48 vs. target price of $8.0 (discount of -19.%). Short float at 1.49%, which implies a short ratio of 10.44 days. The stock has gained 346.9% over the last year.

16. Incyte Corporation (NASDAQ:INCY): Market cap of $1.95B. Yesterday's closing price at $16.0 vs. target price of $19.67 (discount of -18.66%). Short float at 12.22%, which implies a short ratio of 8.72 days. The stock has gained 120.69% over the last year.

17. PDL BioPharma, Inc. (NASDAQ:PDLI): Market cap of $666.78M. Yesterday's closing price at $5.57 vs. target price of $6.80 (discount of -18.09%). Short float at 7.62%, which implies a short ratio of 3.33 days. The stock has lost -8.84% over the last year.

18. Theravance Inc. (NASDAQ:THRX): Market cap of $1.53B. Yesterday's closing price at $20.72 vs. target price of $25.17 (discount of -17.68%). Short float at 11.7%, which implies a short ratio of 13.6 days. The stock has gained 39.91% over the last year.

19. Obagi Medical Products, Inc. (NASDAQ:OMPI): Market cap of $243.76M. Yesterday's closing price at $11.06 vs. target price of $13.25 (discount of -16.53%). Short float at 4.19%, which implies a short ratio of 10.79 days. The stock has lost -1.51% over the last year.

20. Enzon Pharmaceuticals Inc. (NASDAQ:ENZN): Market cap of $640.26M. Yesterday's closing price at $10.73 vs. target price of $12.75 (discount of -15.84%). Short float at 9.37%, which implies a short ratio of 13.14 days. The stock has gained 19.49% over the last year.

Disclosure: No positions

Source: The 20 Most Undervalued Biotech Stocks