No. 2: Inhibitex (INHX)
It's fitting that the two top-performing biopharmaceutical stocks of 2011 are both focused on developing new drugs for hepatitis C. It's also telling that Inhibitex, clocking in at No. 2 this year, is still years away from (possibly) pushing a drug across the finish line and making it to the market.
The stock: Inhibitex shares are up 302% as of Dec. 16.