Market Overview

UPDATE: Piper Jaffray Says Affymax May Run Out of Cash as Early as the Second-Quarter


In a note released late Tuesday morning, Piper Jaffray Analyst Ian Somaiya stated that Affymax (NASDAQ: AFFY) has no timeline for the re-introduction of its recently pulled drug Omontys, and had no estimate on when the investigation into the drug would end.

With Omontys off the market, Amgen's (NASDAQ: AMGN) anemia drug has been able to gain market share, allowing the company to benefit from Affymax's decline.

The company has $67 million in cash, but is burdened with over $50 million in outstanding liabilities as of the end of February. This capital burn has the company running out of cash as early as the second-quarter.

Following the report, shares of Affymax traded down 7.72 percent to $1.25, while Amgen traded up 3.37 percent to $105.78 per share.

Posted-In: Analyst Color News FDA Analyst Ratings Movers Tech


Related Articles (AFFY + AMGN)

View Comments and Join the Discussion!

Latest Ratings

TOLGoldman SachsInitiates Coverage On42.0
KBHGoldman SachsInitiates Coverage On36.0
YEXTSunTrust Robinson HumphreyMaintains28.0
LHCGSunTrust Robinson HumphreyMaintains160.0
DLRSunTrust Robinson HumphreyMaintains140.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at

Obagi Confirms Unsolicited Bid from Merz Pharma

ETFs Set Q1 Record With $70.1B of Inflows