With all the action in Biotech lately, I'd thought I throw out another name.
Myriad Pharmaceuticals known as "MPI" and stock symbol (MYRX 4.47) was spun off from Myriad Genetics (MYGN 31.45), in a ratio of 1 share of MYRX for every 4 shares of MYGN. MYRX is the research and drug development business of Myriad Genetics, and they are now two seperate companies..
MPI has $188 million of cash, and three clinical stage drug candidates:
Azixa™, MPI’s most advanced cancer drug candidate, which is currently in three Phase 2 clinical trials;
MPC-3100, a novel, fully-synthetic and orally-bioavailable heat shock protein 90 (Hsp90) inhibitor and MPI’s second clinical oncology drug candidate, currently in Phase 1 clinical testing; and
MPC-4326 (bevirimat dimeglumine), a small molecule, novel mechanism of action drug candidate for the treatment of HIV, expected to begin a Phase 2b clinical trial in the second half of 2009.
With about 24 million shares outstanding, "MPI" has close to $8 a share in cash. MYRX has three presentations in front of brokerage firms in the next two weeks, and the stock is close to it's lows.
You can buy it at a discount to its cash, and hope they tell a good story.
And then, you can disregard Piper Jaffray's $3.50 target on this name!