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Biotech companies can be high risk, high reward investments. They can also consume lots of cash. The companies with war chests of cash are at a huge advantage because that money can fuel ground-breaking research and innovation, or strategic investments that could lead to long term growth. Focusing in on companies with cash, we honed our screen on only those biotech companies that have received 'Strong Buy' ratings from analysts. We think you'll like the list we came up with.

The Current ratio is a liquidity ratio used to determine a company's financial health. The metric illustrates how easily a firm can pay back its short obligations all at once through current assets. A company that has a current ratio of one or less is generally a liquidity red flag. Now this doesn't mean the company will go bankrupt tomorrow, but it also doesn't bode well for the company, and may indicate that it could have an issue paying back upcoming obligations.

The Quick ratio measures a company's ability to use its cash or assets to extinguish its current liabilities immediately. Quick assets include assets that presumably can be converted to cash at close to their book values. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities. The quick ratio is more conservative than the Current Ratio because it excludes inventory from current assets, since some companies have difficulty turning their inventory into cash. If short-term obligations need to be paid off immediately, sometimes the current ratio would overestimate a company's short-term financial strength. In general, the higher the ratio, the greater the company's liquidity (i.e., the better able to meet current obligations using liquid assets).

We first looked for biotechnology stocks. We next screened for businesses that have a substantial amount of cash on hand (Current Ratio>2)(Quick Ratio>2). We then looked for companies that analysts rate as "Strong Buy" (mean recommendation < 2). We did not screen out any market caps.

Do you think these stocks hold value that has yet to be priced in? Use our screened list as a starting point for your own analysis.

1) Immunomedics Inc. (NASDAQ:IMMU)

Market Cap:$253.23M

Immunomedics Inc. has a Current Ratio of 7.66, a Quick Ratio of 7.57, and a Analysts' Rating of 1.20. The short interest was 14.54% as of 06/06/2012. Immunomedics, Inc., a biopharmaceutical company, engages in the research, development, manufacture, and marketing of monoclonal, antibody-based products for the treatment of cancer, autoimmune, and other serious diseases in the United States and Europe. The company's products include epratuzumab, a Phase III clinical trail product for the treatment of systemic lupus erythematosus and non-Hodgkin's lymphoma; Veltuzumab, a Phase I/II clinical study completed product for the treatment of patients with non-Hodgkin's lymphoma, immune thrombocytopenic purpura, and chronic lymphocytic leukemia; Yttrium Y 90 Clivatuzumab tetraxetan, a humanized monoclonal antibody for pancreatic cancer that is in Phase Ib/II clinical trail; and Yttrium Y 90 epratuzumab tetraxetan, a Phase I/II clinical study product for patients with non-Hodgkin's lymphoma. Its early phase clinical trial products comprise Milatuzumab, a transmembrane protein product for antibody-drug conjugate therapy.

2) Optimer Pharmaceuticals, Inc. (NASDAQ:OPTR)

Market Cap:$724.10M

Optimer Pharmaceuticals, Inc. has a Current Ratio of 3.87, a Quick Ratio of 3.70, and a Analysts' Rating of 1.20. The short interest was 24.75% as of 06/06/2012. Optimer Pharmaceuticals, Inc., a biopharmaceutical company, focuses on development and commercialization of pharmaceutical products. It offers fidaxomicin tablets, an antibacterial drug for the treatment of adult patients with Clostridium difficile-associated diarrhea (CDAD). The company sells its fidaxomicin products through wholesalers to hospitals, retail, and specialty pharmacies in the United States.

3) China Biologic Products, Inc. (NASDAQ:CBPO)

Market Cap:$236.03M

China Biologic Products, Inc. has a Current Ratio of 3.50, a Quick Ratio of 2.18, and a Analysts' Rating of 1.00. The short interest was 1.24% as of 06/06/2012. China Biologic Products, Inc., a biopharmaceutical company, through its subsidiaries, engages in the research, development, manufacture, and sale of human plasma-based biopharmaceutical products to hospitals and inoculation centers in the People's Republic of China. It offers Human Albumin for the treatment of shock caused by blood loss trauma or burn; raised intracranial pressure caused by hydrocephalus or trauma; oedema or ascites caused by hepatocirrhosis and nephropathy; and neonatal hyperbilirubinemia, as well as for the prevention and treatment of low-density-lipoproteinemia. The company also offers Human Hepatitis B Immunoglobulin for the prevention of measles and contagious hepatitis; Human Immunoglobulin and Human Immunoglobulin for Intravenous Injection products for original immunoglobulin deficiency, secondary immunoglobulin deficiency, and auto-immune deficiency diseases; and Thymopolypeptides Injection that is used in the treatment of various original and secondary T-cell deficiency syndromes, auto-immune deficiency diseases, and a range of cell immunity deficiency diseases, as well as assists in the treatment for tumors.

4) BioTime, Inc. (NYSEMKT:BTX)

Market Cap:$216.46M

BioTime, Inc. has a Current Ratio of 9.49, a Quick Ratio of 9.46, and a Analysts' Rating of 1.00. The short interest was 16.07% as of 06/06/2012. BioTime, Inc., a biotechnology company, focuses on regenerative medicine and blood plasma volume expanders. It primarily focuses on regenerative medicine, which refers to therapies based on human embryonic stem (HES) cell and induced pluripotent stem (IPS) cell technology designed to rebuild cell and tissue function lost due to degenerative disease or injury. The company develops and markets research products in the field of stem cells and regenerative medicine.

5) Cornerstone Therapeutics Inc. (NASDAQ:CRTX)

Market Cap:$142.33M

Cornerstone Therapeutics Inc. has a Current Ratio of 2.65, a Quick Ratio of 2.42, and a Analysts' Rating of 1.50. The short interest was 3.02% as of 06/06/2012. Cornerstone Therapeutics Inc., a specialty pharmaceutical company, engages in the acquisition, development, and commercialization of prescription pharmaceutical drugs for the hospital, niche respiratory, and related specialty markets. The company offers CUROSURF, a natural lung surfactant used for the treatment of respiratory distress syndrome in premature infants; and ZYFLO CR and ZYFLO, which are leukotriene synthesis inhibitor drugs used for the prevention and chronic treatment of asthma in adults and children. The company's product pipeline also includes CRTX 080, a vasopressin receptor 2 antagonist lixivaptan used for the treatment of hyponatremia; CRTX 073, an anti-asthma product candidate used for the treatment of asthma; and CRTX 067, a cough/cold product candidate for the treatment of cough and cold.

6) Anika Therapeutics Inc. (NASDAQ:ANIK)

Market Cap:$188.10M

Anika Therapeutics Inc. has a Current Ratio of 4.97, a Quick Ratio of 4.26, and a Analysts' Rating of 1.00. The short interest was 1.60% as of 06/06/2012. Anika Therapeutics, Inc., together with its subsidiaries, develops, manufactures, and commercializes therapeutic products for tissue protection, healing, and repair. Its products are based on hyaluronic acid (HA), a naturally occurring biocompatible polymer found in the body. The company offers orthobiologics products for providing relief from the pain of osteoarthritis, and regenerating damaged tissue, such as cartilage defects; ORTHOVISC for the treatment of osteoarthritis of the knee and various joints; ORTHOVISC mini for the treatment of osteoarthritis in small joints; and MONOVISC, a single injection product used for the treatment of osteoarthritis in various joints.

*Company profiles were sourced from Finviz. Financial data was sourced from Finviz and Google Finance.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.