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Affymax, Inc. Message Board

  • uirapuru0 uirapuru0 Dec 20, 2012 12:52 PM Flag

    Affymax poised to Snap Back

    Seeking Alpha
    By Dee Kotak

    A number of factors have come together to create weakness in Affymax, Inc. (AFFY) providing a buying opportunity. On Wednesday, AFFY closed at $19.51, down 30% from its October high. The high volume down day was most likely precipitated by Piper Jaffray stating that the U.S. Government Accountability Office published a report on December 7 that recommended that Congress require the Department of Health and Human Services to rebase the End Stage Renal Disease bundle, as Erythropoiesis Stimulating Agent ((ESA)) utilization saw a 31% decline from 2007 to 2011, which is the year in which the bundle is based. Piper thinks that a reduction in the bundle has grown more probable, and that dialysis providers will probably require more discounts from drug manufacturers. The statement, combined with a decrease in script data last month and a small amount of insider selling, led to the sell-off. This was an overreaction, as the fundamentals supporting adoption and use of Omontys, AFFY's lead product, are strong and not significantly changed.

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0.08-0.0009(-1.11%)Oct 25 3:07 PMEDT