And AFFY will close at $1.00 then. Speculate all you want, but you are an idiot to think being long AFFY is an investment. The 2013 1st Q 10Q reads like an autopsy report. How many different ways does management need to tell you that Chapter 11 reorganization is on the way. AFFY is terminating ALL of its employees. Its officers are going to be paid golden parachutes when they leave early June, 2013. AFFY's net cash after contractual obligations already incurred is about $10M as of March 31, 2013. No reserves for litigation. No disclosure of insurance retention amount AFFY is obligated to pay for the 2 class actions and the 2 shareholder derivative actions. No disclosure of insurance amounts available for litigation, other than to say it may be inadequate. No reserves for amounts due officers/employees on termination. No revenues. Assets valued as a going concern (when AFFY virtually admits it is no longer a going concern) and even then there is shareholder negative net worth. Negative accouning opinion for corporate survival. Restructuring firm takes over in June, 2013.
ALL depends upon Takeda and reintroduction of Omontys to market SOON, which AFFY describes as HIGHLY UNCERTAIN. I listened to Thursday morning's Takeda conference call, and Takeda does not project any Omontys revenues for FY 2013. Takeda cannot say when, or if, or any conditions for FDA to allow Omontys back on the market. Omontys is not listed as one of Takeda's products in the presentation materials. And you idiots are paying $1.37 per share for this stock?
I'm entertained by this board. After a huge runup based entirely on speculation, and after a clear as day statement that the company will be going bankrupt, everyone STILL believes/feels/hopes that this stock is going up. Yes, there may be a chance the company is bought out - but most likely it will proceed into bankruptcy, have the assets revalued, then purchased at a substantial discount. And the shareholders of AFFY will get exactly zero dollars.
Unfortunately, it's a tough lesson to learn. But, Godwinpeak is correct. The stock is worthless. This stock will slowly erode to nothing. I'd suspect a complete reversal to the $0.70s next week. Maybe even a few more days of 25% decreases.
If you're long, I would sell. Do not buy on speculation. Or, if you do, don't get greedy. Set a percentage gain/loss and then move on.
If anyone is interested, I came here on speculation wave. Bought a $2 May '13 straddle.