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UPDATE: Piper Jaffray Downgrades Affymax to Neutral Following Omontys Recall

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Piper Jaffray downgraded Affymax (NASDAQ: AFFY) from Overweight to Neutral and removed the $37.00 price target.

Piper Jaffray commented, "We are downgrading AFFY to Neutral following a voluntary safety recall of Omontys. We expect the stock to approach cash value (~$2 per share) tomorrow as investors take into account the lack of visibility on reintroduction of the drug and more importantly the difficult task of repairing a negative safety perception. This combined with a potential delay in approval in Europe and need for additional financing in the future could prevent the stock from recovering in the next 6-9 months."

Affymax closed at $16.52 on Friday.

Latest Ratings for AFFY

DateFirmActionFromTo
Mar 2013DowngradesSell
Feb 2013DowngradesBuyNeutral
Feb 2013DowngradesMarket OutperformMarket Underperform

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Posted-In: Piper JaffrayAnalyst Color Downgrades Analyst Ratings

 

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