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Affymax plunges after negative Omontys reactions, levels to watch

Shares are at a dramatic new low following a recall of Omontys due to serious hypersensitivity reactions. Several firms have cut targets to as low $4 per share, with expectations the stock could approach the cash level of the stock at the $2 area, which is what we are seeing this morning. Piper Jaffray, RW Baird, Stifel Nicolaus, and JMP Securities have all downgraded the stock. At the current price of $2.53, there isn't established resistance until $3.93, the prior life low for the stock. There is also no established support other than the $2 cash level mentioned by Piper Jaffray as a possible magnet for share price.