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By Ian Hoffman

Below is a list of five very different biotechs, all trading under $10 and all worth considering for long-term holds for different reasons.

1. Array BioPharma, Inc. (NASDAQ:ARRY)

Array is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer and inflammatory diseases.

Its stock was down sharply Thursday after it was announced on the 8th that the pricing of its 20M share offering came in at $2.60/share. It shed 18.5% on the news, and currently trades at -- you guessed it, $2.60, reducing its market cap to $160.4M. Institutional ownership comes in around 66% and the total reported short interest as of 01/31/12 was 2.2M shares. The consensus analyst 12-month price target is $4, with the highest estimate being $6.

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2. Human Genome Sciences, Inc. (HGSI)

Human Genome Sciences is a biopharmaceutical company that received its first product approval in the United States a little more than a year ago, when Benlysta became the first new approved drug for lupus in more than fifty years.

Its stock closed Thursday's regular session at an even $10.00 with 198M shares out, giving it a market cap of $1.99B. Institutional ownership is nearly 100% and the total reported short interest as of 01/31/12 was 36.51M shares. The consensus analyst 12-month price target is $17, with the highest estimate being $34.

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3. Exelixis, Inc. (NASDAQ:EXEL)

Exelixis shareholders were also hit with the dilution bug, when it was announced on Thursday that it would be selling up to 11.5M shares, priced at $5.50 (pricing announced this morning), in a public offering. The stock tumbled nearly 8% on the news yesterday and was trading down another 3% in the pre-market session today.

It is currently trading around (drumroll, please) $5.95, up 5% on heavy volume. It has 129.69M shares out (pre-dilution), giving it a market cap of $771.63M. Institutional ownership is around 71% and the total reported short interest as of 01/31/12 was 15.38M shares. The consensus analyst 12-month price target is $5.

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4. Sequenom, Inc. (NASDAQ:SQNM)

Sequenom designs, develops, manufactures and markets innovative technology, instrumentation and tests that target and serve discovery and clinical research, and clinical molecular diagnostics markets. Its applications include translational research, oncology, agricultural genomics and in vitro diagnostics for prenatal and retinal disorders.

Its stock currently trades at $4.73 with 99.34M shares out, giving it a market cap of $468.89M. Institutional ownership stands at about 65% and the total reported short interest as of 01/31/12 was 21.61M shares. The consensus analyst 12-month price target is $7.50, with the highest being $9.

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5. PDL BioPharma, Inc. (NASDAQ:PDLI)

PDL BioPharma is a profitable biotech company with a patented process to create humanized antibodies. It engages in the management of antibody humanization patents and royalty assets, which consist of its Queen et al. patents and license agreements with various biotechnology and pharmaceutical companies.

It's stock currently trades at $6.49 with 139.83M shares out, giving it a market cap of $907.53M. Institutional ownership comes in at 86% and the total reported short interest as of 01/31/12 was 15.55M shares. The consensus analyst 12-month price target is $7, with the highest being $8.

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Source: 5 Promising But Risky Biotechs With Long-Term Potential