NEW YORK ( TheStreet) -- Air Methods ( AIRM), Lexicon Pharmaceuticals ( LXRX), Oncothyreon ( ONTY) and Infinity Pharmaceuticals ( INFI) are among the health care stocks that have outperformed both the S&P 500 index and bigger peers Pfizer ( PFE), Johnson & Johnson ( JNJ) and Merck ( MRK) over the past month.

These stocks gained between 17% to 47% and may continue to outperform the S&P 500 on strong fundamentals and company outlooks. On average, analysts polled by Bloomberg expect these stocks to gain 4% to 55% over the next year.

Starting in the next page are the stocks listed in ascending order of performance over the past month.

8. Infinity Pharmaceuticals ( INFI) discovers and develops drugs. Its lead product candidate, IPI-504 (retaspimycin hydrochloride), is an intravenously administered small molecule inhibitor of heat shock protein 90 (Hsp90), a central component of the cellular chaperone system that supports and stabilizes cancer-causing proteins, enabling multiple forms of cancer to thrive.

The stock has gained 9.2% during the past one week and 16.5% in the last one month.

Collaborative R&D revenue from Purdue entities for the first quarter 2011 was reported at $27.2 million, compared to $16.3 million in the year-ago quarter. Total revenue includes reimbursed R&D services revenue of $26.2 million compared with $15.3 million for the year-ago period. Subsequently, net loss narrowed to $2.3 million, or 9 cents per share, from $8 million, or 31 cents per share, in the year-ago quarter.

On the balance sheet front, as of March 31, 2011, the company had approximately $91.2 million in cash, cash equivalents and available-for-sale securities compared to $100.9 million at Dec. 31, 2010. Moreover, the company has a current ratio of 4.84 compared to 3.72, and no debt.

The company recently announced the expansion of its clinical development program for IPI-926, an oral small molecule. The company also plans to initiate an exploratory Phase-2 clinical trial in patients suffering with myelofibrosis, an incurable malignancy of the bone marrow. The trial is expected to begin in the third quarter of 2011.

All of the three analysts covering the stock recommend buying it. There are no sell ratings on the stock. On average, analysts estimate 3.8% upside to $8.50 in value from current levels.

7. BG Medicine ( BGMD) is a life sciences company focused on the discovery, development, and commercialization of novel diagnostics based on biomarkers to improve patient outcomes and contain health care costs. The company recently launched the galectin-3 test for patients with heart failure.

The stock has gained 18% during the past one week and 16.6% in the last one month.

For the first quarter of 2011, the company reported loss of $3.1 million, or 27 cents per share, compared to $5.6 million, or $1.99 per share, in the year-ago quarter. Total revenue stood at $855,000 from $104,000 in the first quarter of 2010, following the execution of an agreement under the HRP initiative realized upon the transfer of data in the first quarter. The company expects to receive only nominal revenue from the HRP initiative and service agreements in 2011. Further, commercial revenues are not expected to be significant until 2012.

As of March 31, 2011, the company had approximately $35.6 million in cash, cash equivalents and short-term investments compared to $2.4 million at Dec. 31, 2010. It completed its initial public offering, generating net proceeds of approximately $34.8 million.

The company recently completed an important phase in the product development of AMIPredict which can identify patients with a high risk of suffering heart attack or stroke within the next two to four years. This phase of development led to two milestones: the verification of AMIPredict's performance in a second independent study and the migration of the test from the original discovery platform to an automated, high-throughput platform.

All the three analysts covering the stock recommend buying it. There are no sell ratings on the stock. On average, analysts estimate a 46.9% upside to $12.50 in value from current levels.

6. EXACT Sciences ( EXAS) is a molecular diagnostics company focused on the early detection and prevention of colorectal cancer.

The company is focused on the commercial development and U.S. Food and Drug Administration clearance and approval for its stool-based deoxyribonucleic acid (DNA) (sDNA), colorectal cancer screening product. The sDNA screening test can detect pre-cancerous lesions or polyps, and each of the four stages of colorectal cancer. The stock has gained 7% during the past one week and 17.2% in the last one month.

For the first of quarter 2011, the company reported a net loss of $4.4 million, or 8 cents per share, on revenue of $1 million as against a loss of $2.1 million, or 6 cents per share, on revenue of $1.3 million in the year-ago quarter. At the end of March, 2011, cash and cash equivalents were $72.1 million, down 8.5% from $78.8 million in the prior quarter. Moreover, its current ratio has improved to 14.13 from 13.36 at the end of December, 2010.

"During the first quarter of 2011, we continued to make strong progress towards initiating the clinical trial for our Cologuard test, which detects both precancerous polyps and cancer," said Kevin T. Conroy, the company's president and chief executive.

Of the 13 analysts covering the stock, 92% recommend buying it, while the remaining rate a hold. There are no sell ratings on the stock. On average, analysts estimate a 31.5% upside to $11.10 from current levels. Analysts at Wedbush recently initiated coverage on the stock with an outperform rating and a price target of $10.

5. Antares Pharma ( AIS) is a pharmaceutical company focused on developing self-injection pharmaceutical products and technologies, and gel-based products.

Its subcutaneous injection technology platforms include Vibex disposable pressure-assisted auto injectors, Vision reusable needle-free injectors, and disposable multi-use pen injectors. The stock has gained 7% during the past one week and 17.6% in the last one month.

For the first quarter of 2011, the company reported a loss of $1.4 million, or 2 cents per share, compared to $1.6 million, or 2 cents per share, in the year-ago quarter. The company reported $3.6 million in total revenue compared to $3.4 million in the first quarter of 2010, driven by higher product (6%), development (31.2%), and royalty revenues (87%). Product sales include sales of reusable needle-free injector devices and disposable components and repairs, primarily to Ferring and Teva. Revenue growth was offset by a decline (56.2%) in licensing revenue.

Recently, Citybizlist reported that Deerfield Management disclosed in an SEC filing that it doubled its stake in Antares to almost 9.65 million shares, or 9.59% of the common stock. Antares also closed its 12.5 million public offering of common stock at a price of $1.60 per share for net proceeds of approximately $21.4 million.

Of the five analysts covering the stock, 80% recommend a buy. On average, analysts estimate a 42.5% upside to $3.05 in value from current levels.

4. Endocyte ( ECYT) is a biopharmaceutical company engaged in developing therapies for the treatment of cancer and inflammatory diseases. It uses its technology to create small molecule drug conjugates (SMDCs), and companion imaging diagnostics.

The stock has gained 18.4% during the past one week and 19.4% in the last one month.

As the company is still in the development stage, it has not generated any revenue. During the first quarter 2011, its net loss increased to $7.2 million, or 43 cents per share, from $5.6 million, or $6.16 per share,in the first quarter of 2010.

Weighted average common shares outstanding increased from 911,066 in the first quarter of 2010 to 16.9 million in the first quarter of 2011 because of the conversion of preferred stock and the completion of the initial public offering in February 2011.

Cash and cash equivalents at March 31, 2011 stood at $13.2 million from $16.9 million as of Dec. 31, 2010. Current ratio surged to 10.09 from 2.61 in the previous quarter. The company recently announced that the Phase 2 PRECEDENT trial, investigating the company's lead drug candidate EC145, in combination with pegylated liposomal doxorubicin (PLD), met its primary end point by showing an 85%, 2.3 month, improvement in median progression-free survival (PFS) in the intent-to-treat population and a 260%, fourth-month, improvement in a subset of folate receptor positive patients.

Looking forward, the company has maintained its prior guidance of at least a balance of $60 million in cash and cash equivalents at the end of 2011.

All the four analysts covering the stock recommend buying it. There are no sell ratings on the stock. On average, analysts estimate a 20.1% upside to $17 in value from current levels.

3. Lexicon Pharmaceuticals ( LXRX), a biopharmaceutical company, used its gene knockout technologies and an integrated platform of medical technologies to study the physiological and behavioral functions of almost 5,000 genes in mice and assessed the utility of the proteins encoded with the corresponding human genes as drug targets.

The stock has gained 14.1% during the past one week and 23.6% in the last one month.

Net revenue for 2011 first quarter stood at $596,000 compared to $1.6 million in the year-ago quarter, primarily due to reduced revenue under Lexicon's alliance with Taconic Farms. Revenue from subscriptions and license fees increased to $0.1 million on higher technology license fees. Net loss widened to $29.6 million, or 9 cents per share, from $26 million, or 13 cents per share in the comparable quarter of last year.

Cash, cash equivalents and short-term investments stood at $188.9 million compared to $211.1 million in the previous quarter. Moreover, the company has a strong current ratio of 13.34 and a debt-to-equity ratio of 0.12.

Recently, at the 71st Scientific Sessions of the American Diabetes Association (ADA) in California the company presented clinical data from a mechanistic study of LX4211, a dual inhibitor of sodium glucose transporters 1 & 2 in patients with Type 2 diabetes. In addition, it also began enrolling patients with Type 2 diabetes in its Phase 2b clinical trial of LX4211.

Of the six analysts covering the stock, 67% recommend a buy and the remaining rate a hold. There are no sell ratings on the stock. On average, analysts estimate a 54.5% upside to $2.75 in value from current levels. Analysts at Needham & Company initiated coverage on the stock with a buy rating and price target of $3.

2. Air Methods ( AIRM) provides air medical emergency transport services and systems under two service delivery models: Community-Based Services (CBS) and Hospital-Based Services (HBS). The stock has gained 7.3% during the past week and 25.8% in the last one month.

Total revenue for 2011 first quarter came in at $131.9 million from $118.5 million registered in the first quarter of the prior year. This revenue growth resulted from a 9.9% increase in flight operations revenue and 48.6% increase in revenue from product operations.

Within the flight operations segment, the company said a 20.1% increase in CBS revenue was partially offset by a 3.9% decline in HBS revenue. Subsequently, net income soared to $6 million, or 47 cents per share, compared to $103,000, or 1 cent per share, in the year-ago quarter.

The company recently entered into a definitive merger agreement to acquire OF Air Holdings and its subsidiaries, including Omniflight Helicopters, for an aggregate purchase price of $200 million in cash on a cash-free, debt-free basis. The transaction is expected to close in July, 2011. The company expects to fund the purchase through a new commercial bank credit facility. Omniflight generated unaudited consolidated revenue of $172 million for the fiscal year ended March 31, 2011.

The company also provided an update on preliminary April 2011 flight volume. Total community-based transports were 3,205 during April 2011 compared with 3,478 in April 2010. April 2011 Same-Base Transports decreased by 411 transports, or 12%, as compared with April 2010. Weather cancellations during April 2011 for these same bases increased by 411 compared with the prior-year month.

Of the seven analysts covering the stock, 57% recommend a buy while the rest rate a hold. There are no sell ratings on the stock. On average, analysts estimate 5.6% upside to $80 in value from current levels.

1. Oncothyreon ( ONTY) is a clinical-stage biopharmaceutical company focusing on the development of therapies for cancer treatment. Oncothyreon's cancer vaccines stimulate the immune system to attack cancer cells, while its small molecule compounds are designed to inhibit the activity of specific cancer-related proteins. The stock has gained 10.8% during the past one week and 46.7% in the last one month.

For the quarter ended March 31, 2011, the company recognized $145,000 of previously deferred revenue related to an agreement with Prima Biomed Limited as it had no continuing performance obligations related to such agreement. Owing to the higher research and development expenses, the company's net loss widened to $7.1 million, or 24 cents per share, from $772,000, or 3 cents per share, in the year-ago quarter.

As of March, 2011, cash and cash equivalents doubled to $11 million from $5.5 million at the end of the previous quarter. Moreover, current ratio declined to 10.03 from 16.16. The company announced that it has initiated the Phase 2 portion of its ongoing Phase 1/2 trial of PX-866 in combination with the chimeric monoclonal antibody cetuximab (Erbitux®). Up to 144 patients may be enrolled in the Phase 2 portion of the study, including 72 (36 per arm) in each group.

Going forward, expenses in 2011 are expected to be higher, as a result of the more advanced clinical development of PX-866 and IND-enabling development activities for ONT-10. Oncothyreon expects cash used in operations in 2011 to be approximately $23 million. As a result, it estimates that its existing cash will be sufficient to fund operations for at least the next 12 months.

Of the five analysts covering the stock, 80% recommend a buy. On average, analysts estimate 16.6% upside to $11 in value from current levels.