NEW YORK ( TheStreet) -- General Steel Holdings ( GSI), Peregrine Pharmaceuticals ( PPHM) and Gleacher & Company ( GLCH) are among ten stocks with upside potential of 37%-369%, as per analysts polled by Bloomberg.

These 10 stocks have market caps above $100 million and are trading for less than $4. Some of these stocks witnessed significant insider buying during the past six months, implying that insiders expect these companies to deliver attractive returns at current levels.

These 10 stocks have gained in the range of 17% to 151% in the past six months, with Capstone Turbine ( CPST) being the highest grosser.
10. Active Power ( ACPW) designs, manufactures and markets power solutions. The company also offers uninterruptible power supply (UPS) systems. Its products deliver continuous clean power and protect consumers from voltage and frequency fluctuations.

The company reported 38% increase in total revenue to $19.3 million for the latest fourth quarter, compared to the year-ago quarter. Net income for the same quarter stood at $145,000, or breakeven, compared to a net loss of $2.2 million, or 3 cents per share, in the year-ago quarter. For full-year 2010, revenue was up 61% from 2009, while net loss narrowed by 64%. The company said that it achieved its first consecutive quarterly net profit in its 18-year history.

For 2011 first quarter, the company expects revenue to range between $16 and $19 million, an increase of 44% to 71% from the year-ago quarter. Earnings per share are expected to be in the range of breakeven to a loss of 2 cents.

All the four analysts covering the stock recommend a buy. Analysts polled by Bloomberg envisage average 12-month price target of $2.9, which is 36.9% higher than the stock's current price.

9. Stereotaxis ( STXS) designs, manufactures and markets an advanced cardiology instrument control system to enhance the treatment of coronary artery disease and arrhythmias. The company's Niobe remote magnetic navigation system enables physicians to perform complex interventional procedures by providing image-guided delivery of catheters and guide wires through the blood vessels and chambers of the heart to treatment sites.

For the year ended Dec. 31, 2010, total revenue increased 5.7% to $54.1 million from $51.1 million a year ago. Gross margin stood at 71.2%, up 450 basis points year-over-year from 66.7%. Operational efficiency reduced expenses significantly, lowering operating and net loss. Additionally, new capital orders were worth $41.0 million during 2010, up 48% over the level reported in 2009.

Heading into 2011, the company expects new capital order growth in the mid-30% range and revenue growth of 20%-30%.

Of the six analysts covering the stock, 83% recommend a buy while the remaining rate a hold. There are no sell ratings on the stock. Data from Bloomberg has analysts reporting average 12-month price target of $4.88, which is 38% higher than the stock's current price.

8. Capstone Turbine ( CPST) develops, manufactures, markets and services microturbine technology solutions. Besides, the company's products are used as battery charging generators for hybrid electric vehicle applications.

For the latest third quarter ending Dec. 31, 2010, the company reported 51% increase in total revenue to $24.2 million. Shipments during the quarter grew to 171 from 122 in the same quarter a year ago. Backlog at the end of the third quarter was up 8% from third quarter 2009 to $84.7 million. The company recently received a new order for 24 microturbines from an unidentified independent oil company in the U.S.

Of the six analysts covering the stock, 83% recommend a buy. Analysts surveyed by Bloomberg foresee average 12-month price target of $2.3, which is 40.8% higher than the stock's current price.

7. Northgate Minerals ( NXG) is a gold and copper producer with operations, development projects and exploration properties in Canada and Australia. The company's mines, namely Kemess, Fosterville, Stawell and Young-Davidson amounted to total proven and probable reserves of 3,555,000 ounces of contained gold and 9,247,000 pounds of copper, as of Dec. 31, 2010

Northgate finished 2010 with cash flow from operations of $56.5 million, up 36% compared to the same period a year ago. As a result, cash and cash equivalents surged to $334.8 million from $253.5 million at the end of 2009.

The company recently released an updated resource estimate for the Kemess underground project, which now holds an approximate 2.6 million ounces of gold and 861 million pounds of copper. At the Young-Davidson mine, the company reported a 20% increase in open pit reserves to 325,000 ounces. Going forward, the company expects to add further reserves as exploration activities at the mine accelerate.

Of the nine analysts covering the stock, 67% recommend a buy while the remaining rate a hold. There are no sell ratings on the stock. Analysts polled by Bloomberg forecast average 12-month price target of $4.32, about 54% higher than the stock's current price.

6. General Steel Holdings ( GSI) operates through a portfolio of Chinese steel companies serving various industries and engages in the manufacture of a multiplicity of steel products. The company has interests in four steel-related subsidiaries.

The company is scheduled to release its fourth quarter and full-year 2010 results on Mar. 16, before the market opens. Sales for fourth-quarter 2010 are expected at $471.76 million, compared to $460.3 million recorded in the previous quarter and $451.9 million in the year ago-quarter, based on consensus estimates of analysts polled by Reuters. Earnings per share are seen at 13 cents for the quarter as opposed to a loss of 26 cents in the same quarter a year ago.

Of the two analysts covering the stock, 50% recommend a buy while the remaining rate a hold. There are no sell ratings on the stock. Data from Bloomberg has analysts predicting average 12-month price target of $4.0, about 63.3% higher than the stock's recent price.

5. Westell Technologies ( WSTL) designs carrier-class equipment that delivers high-speed communications for telecommunications operators and Internet service providers across North America and Europe. The company's products are classified as - Broadband Home Networking and Transport and Termination.

For the latest third quarter, the company reported a 13% increase in total revenue to $48.3 million, compared to the year-ago quarter. Net income was up marginally to $2.9 million from $2.7 million earlier, with earnings per share staying at 4 cents. The company's cash and short-term investments expanded by $16.4 million to $86.4 million during the quarter. The company recently reported that its audio and video bridge network is now available in New York, Los Angeles, London, and Hong Kong.

One analyst covering the stock recommends a buy on it. The stock's average 12-month price target is $5, which is 63.4% higher than the current price, as per analysts surveyed by Bloomberg.

4. Gleacher & Company ( GLCH) is an investment bank offering asset management and investment banking services to companies and institutional investors. The company's services include advisory services, capital raising, and sales and trading.

Announcing 2010 final quarter results, the company reported net loss from continuing operations of $12.4 million as against net income of $9.8 million in year-ago quarter. However, excluding compensation and benefits expenses of $79.4 million incurred during the quarter, Gleacher reported net income of $47.7 million. Analysts at Keefe, Bruyette & Woods believe that the reported results reflect the impact of restructuring the company's equity compensation plan, which was due at 2010 year-end.

Of the five analysts covering the stock, 40% recommend a buy and 40% rate a hold. As per analysts surveyed by Bloomberg, the average 12-month price target is $3.2, nearly 66.7% higher than the stock's current price.

3. Novavax ( NVAX) is a clinical-stage biopharmaceutical company developing recombinant vaccines. Using advanced proprietary virus-like particle (VLP) technology, Novavax develops novel vaccines to treat a broad range of infectious diseases worldwide, including H1N1.

The company's future performance is expected positive, based on its funding and licensing deals. In February, the company secured a three-year flu-vaccine contract valued $97 million from the U.S. government. Sources say the contract could be extended for another two years raising the total value by $82.1 million.

Meanwhile, the company announced entering a licensing agreement with LG Life Sciences (LGLS) of South Korea, for using its vaccine technology in South Korea and other countries. The company is expected to receive an undisclosed, upfront and milestone payment from LGLS, in the form of royalty payments from commercial product sales. Also, the HHS Biomedical Advanced Research and Development Authority (BARDA) of the U.S. awarded Novavax a three-year contract worth $97 million with an option to extend it by two additional years, carrying a potential contract value of $179.1 million.

All the four analysts covering the stock recommended a buy rating on it. The stock's average 12-month price target is $6.3, which is 137.6% higher than the stock's current price, as per analysts surveyed by Bloomberg.

2. SuperGen ( SUPG) discovers and develops therapies for the treatment of cancer. Besides, it also acquires products developed by other companies and applies additional developmental effort to expand sales.

For the latest fourth quarter, the company's revenues increased to $15.3 million from $11.9 million in the year-ago quarter. Net income multiplied to $6.7 million from $2.3 million earlier. For full-year 2010, SuperGen's revenue and net income increased 28.4% and 401.3% to $52.9 million and $15.9 million respectively.

For 2011, the company pegs net income below $14 million, coming in line with analysts' estimates. Royalty revenue for its product Dacogen is expected to increase by 5% from the previous guidance range of $52 to $55 million. Research and development expenses are seen increasing in the range of $29 to $32 million from 2009.

All the three analysts covering the stock recommended a buy on the stock. The stock's average 12-month price target is $8, or 207.7% higher than the current price, as per analysts surveyed by Bloomberg.

1. Peregrine Pharmaceuticals ( PPHM) is a clinical-stage biopharma company developing monoclonal antibodies for the treatment of cancer and viral infections.

IMS Health expects the global pharmaceutical industry to record 5%-7% growth during 2011, representing sales of approximately $880 billion. This strong industry outlook will likely to translate to a bright future for the company.

Recently, the company revealed that its Phase IIb second-line NSCLC trial evaluating bavituximab with docetaxel versus docetaxel plus placebo and with paclitaxel and carboplatin versus paclitaxel and carboplatin will enroll 120 and 86 patients, respectively, by mid-year 2011. In January 2011, the company initiated a new trial for Phase II pancreatic cancer trial and will enroll almost 70 patients during the year.

Of the three analysts covering the stock, 67% recommend a buy while the remaining rate a hold. There are no sell ratings on the stock. Analysts polled by Bloomberg forecast an average 12-month price target of $10, nearly 369.5% higher than the stock's current price.

>>To see these stocks in action, visit the 10 Stocks Under $4 With Upside portfolio on Stockpickr.