Price target. Not sure how credible this is but. $4.75
Affymax Inc. (NASDAQ:AFFY) shares are trading up by 40.86% at $1.62. The biopharmaceutical company, which sells drugs for the treatment of life-threatening conditions, is seeing a huge upswing as the stock is opened at 1.17 and has a range of 1.13 and 1.65. Volume is 27.12 million shares. Affymax has a market capitalization worth $60.97 million. The reason behind the soaring shares, according to analysts, is based on a rumor that the company’s diabetes drug could make a comeback. AFFY is also facing a lawsuit alleging that company didn’t reveal the side-effects of its OMONTYS (peginesatide) Injection used for anemia treatment. On February 23, 2013 Affymax and Takeda Pharmaceutical issued an announcement of a nationwide voluntary recall of OMONTYS. On April 2, Affymax announced fourth quarter result with the net loss of $68.3 million, or $1.85 loss per share, compared to a $29.4 million net loss, or $0.82 loss per share reported on the same quarter in 2011. The company is yet to announce its first quarter results for the year 2013. Investment analysts have set $4.75 target price on Affymax shares.
Above 4.10 a share there is no resistance till about 16.50. That was the price when they recalled the drug and we opened Monday at 2.50 a share. I think if we were to breach this number to the upside we would see an unbelievable short squeeze as most would probably have pressed the bet or covered and re entered the trade. That is a big if though and we do need news this time.