McNicoll, Lewis & Vlak Reiterates Affymax Buy, $12 PT

McNicoll, Lewis & Vlak reiterated its Affymax AFFY Buy rating and $12 price target in a research report published today. In the report, McNicoll, Lewis & Vlak states, "AFFY ended 2Q:11 with $73.6M in cash and equivalents, and $39.7M in short term investments. Based on the 2011 operating expense guidance of $105-$110M, the company has approximately one year of cash available. Yesterday, AFFY filed a mixed shelf offering of $100M, although we believe it has adequate cash through approval." Shares of Affymax closed today at $4.37, up 8.17% from Wednesday's market close.