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RockingStocks.com Stock Picks July 2nd, 2008 Rockin' Stock Pick: Maxygen, Inc. (MAXY) Maxygen, Inc. is a biotechnology company that engages in the discovery, development, and commercialization of protein pharmaceuticals for treatment of disease and serious medical conditions in the United States. MAXY was a huge gainer today, up $0.97 to $4.48, but we don't believe it has yet seen the serious money it deserves from investors. The company announced that Bayer will pay up to $120 million for Maxygen's hemophilia program. MAXY will receive a $90 million payment up front. Bayer is very high on MAXY's next-generation recombinant Factor VIIa protein for treatment of hemophilia patients. MAXY may have lost a major asset, but they received a huge chunk of cash that they can use to further their other drug candidates and do further research & development. MAXY is now trading at a market cap of only around $165.96 million. As of the company's latest quarter, there was $133.58 million in cash, cash equivalents and short-term investments on the balance sheet. Now, add $90 million to this cash balance and you have over $223 million in cash, cash equivalents and short-term investments. Also, consider MAXY has no debt on their balance sheet and only $10.22 million in total liabilities. The company has also proven that they can sell a drug candidate even before FDA trials for a huge amount of cash. MAXY has a ton of momentum right now, internally and with their stock. We believe we could see MAXY trading at much higher levels once more investors research it.
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