Oppenheimer Maintains Perform on Affymetrix

Oppenheimer is out with its report on Affymetrix

, maintaining Perform. In a note to clients, Oppenheimer writes, "Today, AFFX announced the appointment of Dr. Frank Witney as president and CEO effective July 1, 2011. Dr. Witney will replace Kevin M. King, who successfully improved cost structure and returned the company to operating profitability, despite major fundamental headwinds. AFFX is hopeful that Dr. Witney will catalyze the next stage of the company's transformation, and again return the company to consistent top-line growth. We maintain our Perform rating as we wait to see if this change in leadership will help improve business fundamentals." At the time of posting, shares of AFFX were trading pre-market at $6.50, up 3.50% from Wednesday's close.