This whole sell off there has been almost no volume. Looking to stablize at the 50 day moving average. Today going to be maybe 500k traded? If this were something more we would be seeing 2-3 million shares traded.
Affymax is fine and probably doing well. We'll see next week when earnings come out.
The entire Biotechnology ETF Index (IBB) had been routed lately. Many small biotechs have been "owned" by momentum traders, including pretty much the entire sector (ie - VVUS, ASTX, AFFY, etc) to name a few.
The index is down nearly 17-19 points from peaking barely a month ago.
The index will recover by year's end to reach new highs. It's simply profit taking in a stagnant, yet swinging market (+/- 1% movements).
Affymax cooled down while my Bank America shares cruised highed nearly 70-80 cents this.
It's just the name of the game. Next week Bank America will most likely cool off around 9.50-10 level while Affymax will mimic the IBB and biotech indexes.