Auriga analyst says, "Affymax faces a major binary event with peginesatide's upcoming PDUFA date. Given the decisively positive panel recommendation (15-1 with 1 abstention) and tone from briefing documents, we see a high likelihood of first pass approval on March 27. Approval triggers a $50MM milestone payment from partner Takeda. While commercialization will not be easy given Amgen's (Nasdaq: AMGN)(NotRated) market dominance, we believe AFFY can carve out a profitable segment of the ESA market without significant penetration of the two big dialysis chains. Indeed, much of the public comments at the panel were from smaller centers, all of whom were looking for alternatives to AMGN's monopoly. Given peginesatide's attributes and concentrated market, we believe AFFY's valuation leaves room for upside."