Baird raised its price target on Outperform-rated Affymax, Inc. (NASDAQ: AFFY) from $15 to $17 following FDA approval of OMONTYS with a broad dialysis label.
"We think the stock’s weakness in late trading yesterday was due to concerns over announced pricing, the analyst said. "However, in that WAC price is just a starting point, and OMONTYS' true market price will be determined by AFFY's individual contract negotiations, we think such concerns are wholly misplaced."
They recommend buying on any weakness.
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Shares of Affymax, Inc. closed at $14.31 yesterday, with a 52 week range of $3.93-$16.25.