Exelixis, Inc. (NASDAQ:EXEL)

It's a toss-up at this point whether EXEL will get approval for their drug. But at this price, I'll take a chance. They can fund the Stage III trials, which will tell the tale.

They have enough money to complete Phase 3 studies for cabozantinib and get FDA approval (cabo is basically all the company's about by now, as they've focused totally on it). The trials so far are extremely positive; getting approval (and moving on to other forms of cancer) will take years, and MIGHT fail (so this is a high-risk position), but the probability of success is good and the prospective returns of such success absolutely breathtaking (definitely a multibagger from today's depressed stock price). It's also pretty uncorrelated from "the market in general", a pleasing rarity in these days of very high correlation among asset classes.