NEW YORK ( TheStreet) -- We have identified 10 stocks across such sectors as pharmaceuticals, consumer goods and mining that are trading under $3. These stocks, which have market capitalization of under $1 billion, have a potential upside in the range of 37% to 197% in the coming 12 months, based on analysts estimates polled by Bloomberg.


10. Jamba ( JMBA), operating through its wholly owned subsidiary, Jamba Juice Company, owns and franchises Jamba Juice stores. Jamba Juice is a restaurant retailer of food and beverage offerings, including fruit smoothies, juices, teas, hot oatmeal made with organic steel cut oats, wraps, salads, sandwiches, and a variety of baked goods and snacks.

Net revenue for the first quarter of 2011 declined 17.7% to $66.2 million from $80.4 million in the year-ago quarter, impacted by the trade-off of company-owned store sales for royalties and franchise fees following its refranchising initiative. Non-GAAP revenue increased marginally to $60.9 million from $60.6 million.

Company-owned comparable store sales increased 2.2% from the prior year period. System-wide comparable store sales improved 3.1%, while franchise-operated comparable store sales were up 4.1%. Non-GAAP net loss stood at $5.4 million or 11 cents per share, compared to $6.4 million or 13 cents per share in the first quarter of 2010.

Going forward, the company expects to deliver company-owned comparable store sales of 2% to 4% and realize adjusted operating profit margin of 18% to 20% during 2011. Jamba plans to develop 50 to 70 U.S. locations in traditional, non-traditional, and express franchise formats.

Of the eight analysts covering the stock, 63% recommend a buy and 25% rate a hold. On average, analysts estimate 37.8% upside to $3.02 in value from current levels.

9. Active Power ( ACPW) provides backup power solutions and uninterruptible power supply (UPS) systems that ensure business continuity for enterprises in the event of power outages.

Net revenue for the first quarter of 2011 increased 56% to $17.3 million, vs. $11.1 million in the year-ago quarter, following a 57% increase in product revenue and 50% augment in service and other revenue. The company realized revenue of $480,000 per megawatt for 31.2 megawatts of critical power systems compared to $414,000 per megawatt for 23.6 megawatts of critical power systems sold in the prior year's quarter. Net loss incurred was $1.1 million or 1 cent per share, compared to $2.6 million or 4 cents per share in the first quarter of 2010.

The company's revenue guidance for the second quarter of 2011 is in the range of $17 to $20 million, or 6% to 25% year-over-year increase. Earnings are expected to range between $(0.01) and a profit of $0.01 per share.

All the three analysts covering the stock recommend a buy. On average, analysts estimate 31% upside to $2.92 in value from current levels.

8. Northgate Minerals ( NXG) is a Canada-based gold and copper company with operations, development projects and exploration properties in Canada and Australia. The company is focused on the Kemess mine in British Columbia, Canada; Fosterville in Australia; Stawell in Australia; and Young-Davidson, located near the town of Kirkland Lake, Ontario.

Revenue for the first quarter of 2011 came in at $123 million, down 1.8% from $125.3 million in the first quarter of the prior year. Metal sales were 56,937 ounces of gold at a realized price of $1,386 per ounce, and 9 million pounds of copper at a realized price of $2.77 per pound. Adjusted net profit stood at $7.5 million or 2 cents per share, compared to $6.3 million or 2 cents per share.

Cash flow from operations was a strong $40.1 million or 14 cents per share. Subsequently, cash and cash equivalents stood at $308.1 million, while the company had a current ratio of 3.55

Of the eight analysts covering the stock, 75% recommend a buy, while the remaining rate a hold. There are no sell ratings on the stock. On average, analysts estimate 49.2% upside to $4.28 in value from current levels.

7. PURE Bioscience ( PURE) engages in the development and commercialization of bioscience technologies. The company produces pre-formulated, ready-to-use products for both its own brands and for private label distribution.

The company recently completed its antibacterial study, which appears effective against a bacterial form causing various gum disease, pneumonia, prostate infections, and kidney stones. Meanwhile, the company is developing dehydrate citrate, a form of ionic silver, to combat bacteria endemic in hospital, agricultural and industrial settings.

The company is scheduled to release its third quarter 2011 financial results on June 6, 2011. Sales for the quarter are seen coming in at $0.11 million, while net loss is estimated at $2.25 million. Gross margin is expected to increase to 65% from 60.64% recorded in the year-ago quarter.

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. On average, analysts estimate 53.5% upside to $1.75 in value from current levels.

6. Gleacher & Company ( GLCH) is an investment bank offering strategic financial advisory services to corporate and institutional clients.

Consolidated revenue for the first quarter of 2011 increased 19.4% to $94.7 million from $79.3 million in the year-earlier period, driven by fixed income revenue and revenue associated with the acquisition of ClearPoint. Non-GAAP adjusted income before tax stood at $9.9 million compared to $11.3 million in the first quarter of 2010. Cash and cash equivalents at the end of the March 2011 quarter stood at $34.8 million as opposed to $40 million at the end of Dec. 2010.

During the quarter, the company repurchased approximately 2.9 million shares of common stock under the previously announced share repurchase program. Gleacher has announced the launch of its residential mortgage banking initiative through its newly acquired subsidiary ClearPoint.

Of the five analysts covering the stock, 40% recommend a buy, while the others advise a hold. On average, analysts estimate 56% upside to $3.17 in value from current levels.

5. Capstone Turbine Corporation ( CPST) develops, manufactures, markets and services microturbine technology solutions for use in stationary distributed power generation applications, including cogeneration (combined heat and power (CHP), integrated CHP, and combined CCHP). The company will report its results on June 14.

Net loss for the fourth quarter of 2011 is forecast to narrow down to $6.43 million or 3 cents per share from $12.93 million or 5 cents per share recorded in the year-ago quarter, according to analysts polled by Bloomberg. Sales for the quarter are seen surging 56% year-over-year to $25.5 million. Meanwhile, gross margin is estimated at positive 7.67% from negative 14.66% recorded in the fourth quarter of 2010.

Of the four analysts covering the stock, 75% recommend a buy. On average, analysts estimate 58% upside to $2.75 in value from current levels.

4. Brigus Gold ( BRD) engages in gold mining, extraction and processing, as well as exploration and development. The company owns Black Fox, an open-pit and underground mine and mill located near Matheson in the Province of Ontario, Canada. Brigus also owns Mexican subsidiaries, which own concessions at the Huizopa exploration project, located in the Sierra Madres in Chihuahua, Mexico.

For the year ended Dec. 2010, the company reported an 82.8% year-over-year increase in revenue to $85.9 million from $47 million, benefiting from escalating gold sales and higher average selling prices. Gold sales soared 52% to 69,922 ounces from 46,016 ounces during 2009, while average realized price rose 12% to $981 per ounce from $876 per ounce in the prior year.

For the first quarter of 2011, Brigus targets gold production at 8,500 gold ounces and 71,500-75,500 ounces for the remaining three quarters, translating into full year 2011 production of ~80,000-84000 ounces of gold.

All the three analysts covering the stock rate it a buy. The stock has no sell ratings. On average, analysts estimate 81.4% upside to $2.59 in value from current levels.

3. Biodel ( BIOD) is a development stage biopharmaceutical company focused on the development and commercialization of therapies for diabetes. The company develops its product candidates by applying its formulation technologies to existing drugs.

For the second quarter of 2011, net loss narrowed to $5.4 million or 21 cents per share from $10.4 million or 44 cents per share in the year-ago quarter. Cash and cash equivalents stood at $17.6 million, as on March 31, 2011. Research and development expenses declined 58.6% to $2.9 million, while general and administrative expenses decreased 32.3% to $2.3 million from the prior-year period.

Ayer Capital Management, a California-based firm, recently said that it has acquired a 6.39% stake in Biodel. The announcement came after Biodel announced to raise $30 million through a private stock placement. Besides, the company has entered into a definitive agreement with a group of institutional investors to sell 12.2 million shares of its common stock, 1.7 million shares of its Series A convertible preferred stock and warrants to purchase 9 million shares of its common stock at a negotiated price of $2.16 per unit.

Of the six analysts covering the stock, 33% recommend a buy, while the remaining rate a hold. There are no sell ratings on the stock. On average, analysts estimate 105.3% upside to $4.17 in value from current levels.

2. Great Basin Gold ( GBG) engages in the acquisition, exploration, development and trial mining of precious metal deposits. The company is focused on developing Hollister gold project and Burnstone gold mine, both at the trial mining stage.

Net revenue for the first quarter of 2011 was Cdn$26.3 million, up 286% from Cdn$6.8 million in the year-ago quarter, riding on gold sales which tripled to 20,118 ounces. Loss for the period stood at Cdn$20.3 million or 5 cents per share, compared to a loss of Cdn$6 million or 2 cents per share in the first quarter of 2010.

During the quarter, the company closed an $86 million bought deal public offering, using the proceeds from this transaction for working capital purpose during the production build-up at the Burnstone Mine. The company has also closed a $70 million term loan facility and used the proceeds to settle Senior Secured Notes. Cash reserves were $68 million, as on March 31, 2011.

All the six analysts covering the stock rate it a buy. The stock has no sell ratings. On average, analysts estimate 104% upside to $3.94 in value from current levels.

1. Novavax ( NVAX) is a biopharmaceutical company focused on developing recombinant vaccines. The company's technology platform is based on virus-like particles (VLPs). The VLPs are genetically engineered three-dimensional nanostructures, which incorporate immunologically important recombinant proteins.

Total revenue for the first quarter of 2011 surged to $834,000 from $110,000 in the year-ago quarter, primarily due to services performed under the HHS BARDA contract. For 2011, the company expects to generate revenue as it performs under the HHS BARDA contract. Net loss declined to $7.5 million or 7 cents per share from $10.3 million or 10 cents per share in the comparable quarter of 2010, impacted by lower research and development spending to support clinical trials for its H1N1 and seasonal influenza vaccine candidates in the three months ended March 31, 2011.

Cash and cash equivalents stood at $8.4 million, up 3.7% from $8.1 million at the end of Dec. 2010. Moreover, the company had a current ratio of 2.60.

All the four analysts covering the stock recommend a buy. There are no sell ratings on the stock. On average, analysts expect an upside of 197% to $7 in value from current levels.

>>To see these stocks in action, visit the 10 Stocks Under $3 With Upside portfolio on Stockpickr.

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