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The market correction has created many new stock bargains and a number of biotechs have dropped to bargain levels. Now is a good time to start picking up cheap shares and set your portfolio up for some big gains in the coming months. While the market correction has caused some biotechs to drop, the longer term outlook for these companies is not dependent on the economy. If you buy at or near the recent lows, you could end up just about doubling your money if these stocks hit the price targets set by analysts this year. Most analysts set targets based on where they believe a stock will trade at in the next 12 months or so. Here are a number of biotech stocks that have price targets that are around double the current stock price:

Human Genome Sciences, Inc., (HGSI) shares are trading at $12.82. HGSI is a biopharmaceutical company and is based in Maryland. These shares have a 52 week range of $10.40 and $30.15. The 50-day moving average is $13.08 and the 200-day moving average is $22.52. Earnings estimates for HGSI are for a loss of $1.84 per share in 2011, and a loss of 93 cents for 2012. JMP Securities has set a $23 price target and a outperform rating, see that here.

Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) is trading around $7.54. ALNY is a biotechnology company, based in Massachusetts. These shares have traded in a range between $5.88 to $13.98 in the last 52 weeks. The 50-day moving average is $6.85 and the 200-day moving average is $9.09. ALNY is estimated to lose about $1.36 per share in 2011 and post a loss of about $1.77 per share for 2012. In the product development pipeline, Alnylam has candidates for Huntington's disease, liver cancer, RSV infections, anemia and more. Rodman and Renshaw has a $12 price target and MLV Capital has a $15 target for ALNY shares, see that here.

Valeant Pharmaceuticals, Inc., (NYSE:VRX) is trading around $36.13. Valeant is a pharmaceutical company, based in Canada. This company offers a variety of treatments for acne, hypertension, an more. These shares have traded in a range between $24.06 to $57.24 in the last 52 weeks. The 50-day moving average is $51.64 and the 200-day moving average is $36.97. The book value is stated at $15.54 per share. A few insiders have been buying in recent weeks and collectively they have bought over $300,000 in stock. See the insider buying here. Both Stifel Nicolaus and RBC Capital Markets have set a $60 price target, see that here.

Orexigen Therapeutics, Inc. (NASDAQ:OREX) is trading around $2.24. Orexigen is a biotechnology company, based in California. These shares have traded in a range between $1.22 to $11.15 in the last 52 weeks. The 50-day moving average is $1.66 and the 200-day moving average is $2.95. OREX is estimated to lose about 68 cents per share in 2011, and a loss of about 89 cents per share for 2012. In the product development pipeline, Orexigen has two candidates for obesity, "Contrave" and "Empatic." JMP Securities has a $5 price target, see that here.

Synta Pharmaceuticals, Inc. (NASDAQ:SNTA) is trading at $3.22. Synta is a biotechnology company, based in California. These shares have traded in a range between $3.02 to $6.93 in the last 52 weeks. The 50-day moving average is $3.72 and the 200-day moving average is $4.84. SNTA is estimated to lose about $1.08 per share in 2011. This company is working on HSP90 inhibitors, (Ganetespib) which has shown greater potency in killing cancer cells and an improved safety profile when compared to other treatments. Insiders have been buying and one insider spent over $750,000 buying shares in recent weeks. See the insider buying here. Between the product pipeline and the insider buying, this stock looks promising. Canacord Genuity has a $8 price target, see that here.

Keryx Biopharmaceuticals, Inc. (NASDAQ:KERX) is trading around $2.92. Keryx is a biotechnology company, based in New York. These shares have traded in a 52 week range between $2.58 to $5.91. The 50-day moving average is $3.46 and the 200-day moving average is $4.28. Earnings estimates for KERX are for a loss of 35 cents per share for 2011 and loss of 41 cents for 2012. Keryx has a number of interesting candidates in the product development pipeline. This company has two candidates "Perifosine" for multiple myeloma and colorectal cancer and "Zerenex" which targets hyperphosphatemia in patients with end-stage renal disease. Oppenheimer has put a outperform rating on KERX with a $7 price target. See that here.

The data is sourced from Yahoo Finance. The information and data is believed to be accurate, but no guarantees or representations are made. Rougemont is not a registered investment advisor and does not provide specific investment advice. The information contained herein is for informational purposes only.

Source: 6 Biotech Stocks Analysts Expect To Double