Buy This Mid-Sized Biotech

To say we are in a market of historical dislocations is to state the obvious these days. Due to massive deleveraging across all asset classes, interesting short- and long-term opportunities are being created, particularly in the mid- and small-cap arena.

One interesting dislocation occurs between a company's market capitalization, or the total shares outstanding multiplied by the current price per share, and the associated net cash on that company's balance sheet.

Take, for example, QLT(QLTI. Quote).

Currently, QLT, which closed on Tuesday at $1.82, has a market cap of $135.8 million and 74.6 million shares outstanding. ...