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April 22, 2008 Stock Pick: Northstar Neuroscience, Inc. (NSTR)

Stock Price: $1.77

Northstar Neuroscience, Inc. is a medical device company focused on developing neurostimulation therapies to treat neurological injury, disorder, and disease. The company's proprietary Renova™ Cortical Stimulation System is an investigational device that delivers targeted electrical stimulation to the outer surface of the brain - the cerebral cortex.

As of its latest quarter, NSTR cash and short-term investments of $76.25 million and total liabilities of only $4.25 million. NSTR has a book value of $3.13. NSTR is trading at a market cap of only around $45.83 million.

NSTR dropped to as low as $1.09 from the $8.00 level and has been slowly climbing with a solid bottom under it.

Insiders have been purchasing NSTR heavily between $1.71 and $1.84. We see this as a positive sign. NSTR looks like a bargain at its current price.

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