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Affymax, Inc. (AFFY) Message Board

  • godwinpeak godwinpeak Feb 25, 2013 7:20 PM Flag

    Why I have not yet covered my short position

    Remember me? I am the retired health care lawyer that was all over this board and universally derided for advocating a short position in AFFY when it was about $16.50 share. At that time, I added to my short position for the reasons stated in my post and also added puts. I now have a six figure profit on this trade should I choose to close my position, which I do not at this time. Here is why. IMHO AFFY does not have the cash nor the time to rehabilitate Omontys. I listened to the conference call. The AFFY management has their hands full insofar as damage control is concerned and does not have a clue why Omontys caused the patient deaths. The adverse reactions are geographically diverse and are not limited to a specific lot or manufacturing date of the medication. While it is good PR for corporations to tout patient safety and the "voluntariness" of the recall, AFFY really did not have a choice but to endorse a voluntary recall or the FDA itself would have enforced an involuntary recall. There are no other products in the pipeline. The damage to Omontys at this point is sort of like the damage to the reputation of Pistorius. I doubt either will recover.

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AFFY
0.135+0.005(+3.85%)Oct 20 2:47 PMEDT

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