Telik is a cancer drug company that is still in the FDA process. However, they are in Phase III, which is the last part of the process before the FDA says yea or nay. The problem with many biotech companies is that they don't have enough money to make it through the FDA trials and this could cause them to dilute shareholders when they are forced to raise outside money. However, Telik has $146 million cash in the bank with no debt, which is more than enough to see them through to the other side. With an enterprise value of just $150 million, if any of the drugs pass the FDA trials then Telik could be an enormous homerun. Additionally, Icahn may encourage management to do a deal with one of the large pharma companies, which would also cause the shares to jump. It's hard to find a margin of safety in a speculative biotech but with Icahn backing this one, and with Telik having enough cash and enough of a pipeline, this is an interesting bet. Another holding that Icahn has been accumulating is homebuilder WCI Communities, ( WCI) where he recently disclosed a 1.6 million-share stake. Icahn not only recently announced this stake but also announced he plans to talk with the builder about how it can boost its stock price. Icahn's stake is worth $112 million. Like most homebuilder stocks, WCI is significantly down year over year (24%). But if housing stabilizes, at 8 times trailing earnings WCI could bounce back, although it is expected to lose money next year.