Telik, Inc. (NDAQ:TELK) moved up $0.15, or 2.45%, to $6.26 this morning after Carl Icahn disclosed a 9.92% stake in a Schedule 13D filing with the SEC. The activist investor said that he believed the company's stock was undervalued and represented an attractive investment opportunity. Moreover, he said that his fund may engage management in discussions regarding the company's plans and prospects. Icahn is best known for orchestrating spin-offs and forcing special dividends in order to unlock shareholder value.

Telik, Inc., a biopharmaceutical company, engages in the discovery, development, and commercialization of small molecule drugs for the treatment of cancer and inflammatory diseases. Its lead product candidate TELCYTA is a small molecule cancer drug product designed to be activated in cancer cells that is currently in phase 3 clinical trials. While the company has no significant revenues at this point (since their product is still in development), they do have $146 million - or $2.79 per share - in cash with almost no debt. Consequently, the stock may be a risky buy at this point, but Icahn likely sees some value in the company's products or cash reserves. Regardless, this is definitely a stock worth watching over the next few months.

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