Top 50 U.S. small cap stocks with most potential upside,

Below are the top U.S. small cap stocks with most potential upside, calculated as the difference between current price and Wall Street analysts' average target price.

Ranking | Company (Ticker) | Potential Upside
1 ARYx Therapeutics, Inc. (NASDAQ:ARYX) 684.9%
2 Cell Therapeutics, Inc. (NASDAQ:CTIC) 484.7%
3 Cardium Therapeutics Inc. (AMEX:CXM) 345.9%

4 Oilsands Quest Inc. (AMEX:BQI) 314.6%
5 Molecular Insight Pharmaceuticals, Inc. (NASDAQ:MIPI) 307.4%
6 Biodel Inc (NASDAQ:BIOD) 255.4%
7 AVI BioPharma, Inc. (NASDAQ:AVII) 190.7%
8 Cytokinetics, Inc. (NASDAQ:CYTK) 189.5%
9 Trident Microsystems, Inc. (NASDAQ:TRID) 184.1%
10 American Caresource Holdings, Inc. (NASDAQ:ANCI) 164.7%
11 StemCells, Inc. (NASDAQ:STEM) 156.4%
12 Air Transport Services Group Inc. (NASDAQ:ATSG) 155.5%
13 Repligen Corporation (NASDAQ:RGEN) 150.0%
14 Sequenom, Inc. (NASDAQ:SQNM) 147.3%
15 Medivation, Inc. (NASDAQ:MDVN) 146.0%
16 OncoGenex Pharmaceuticals Inc (NASDAQ:OGXI) 141.7%
17 Microvision, Inc. (NASDAQ:MVIS) 138.1%
18 MannKind Corporation (NASDAQ:MNKD) 136.4%
19 FPIC Insurance Group, Inc. (NASDAQ:FPIC) 135.5%
20 U.S. Gold Corporation (NYSE:UXG) 134.8%
21 eLoyalty Corporation (NASDAQ:ELOY) 133.0%
22 Novavax, Inc. (NASDAQ:NVAX) 129.5%
23 TranS1 Inc. (NASDAQ:TSON) 129.4%
24 Enzo Biochem, Inc. (NYSE:ENZ) 124.4%
25 ArQule, Inc. (NASDAQ:ARQL) 123.6%
26 Horizon Lines, Inc. (NYSE:HRZ) 122.2%
27 DepoMed, Inc. (NASDAQ:DEPO) 122.1%
28 Orexigen Therapeutics, Inc. (NASDAQ:OREX) 121.3%
29 American Apparel Inc. (AMEX:APP) 120.8%
30 Toreador Resources Corporation (NASDAQ:TRGL) 111.4%
31 Omeros Corporation (NASDAQ:OMER) 109.0%
32 NIVS IntelliMedia Technology Group Inc (NYSE:NIV) 107.9%
33 Sutor Technology Group Ltd. (NASDAQ:SUTR) 106.9%
34 Sucampo Pharmaceuticals, Inc. (NASDAQ:SCMP) 103.7%
35 Array BioPharma Inc. (NASDAQ:ARRY) 102.0%
36 Poniard Pharmaceuticals, Inc. (NASDAQ:PARD) 101.1%
37 Alliance One International, Inc. (NYSE:AOI) 100.0%
38 Warren Resources, Inc. (NASDAQ:WRES) 100.0%
39 Akorn, Inc. (NASDAQ:AKRX) 98.7%
40 Universal Travel Group (NYSE:UTA) 95.8%
41 Geokinetics Inc. (AMEX:GOK) 93.7%
42 Cheniere Energy, Inc. (AMEX:LNG) 93.3%
43 Ambac Financial Group, Inc. (NYSE:ABK) 92.3%
44 Orchids Paper Products Company (AMEX:TIS) 92.1%
45 The Princeton Review, Inc (NASDAQ:REVU) 91.3%
46 Cypress Bioscience, Inc. (NASDAQ:CYPB) 91.2%
47 Immunomedics, Inc. (NASDAQ:IMMU) 90.6%
48 Celldex Therapeutics, Inc. (NASDAQ:CLDX) 89.7%
49 China Housing & Land Development, Inc. (NASDAQ:CHLN) 89.0%
50 China TransInfo Technology Corp. (NASDAQ:CTFO) 87.7%