Affymax (AFFY) Has Additional Upside - Analyst
AFFY Hot Sheet
Rating Summary:7 Buy, 0 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 19 | Down: 18 | New: 27
While shares of Affymax, Inc. (NASDAQ: AFFY) are up 73% since peginesatide's positive ODAC vote December 7, one analyst thinks there is still plenty more upside.
Baird analyst Christopher Raymond said the market has discounted peginesatide's revenue potential, on the view that Amgen's (Nasdaq: AMGN) US hemodialysis dominance is bullet-proof. However, new survey data shows a strong awareness and willingness to prescribe peginesatide that may surprise some investors.
BioTrends survey data suggests ESAs may have have stabilized and the underlying
reason may be real, as more docs are seeing blood transfusions on the rise. In addition, data showed that roughly 3/4 of docs prefer some administration schedule other than current 3X/week regimen. This bodes well for peginesatide’s once-monthly profile, the analyst aid. Also, Docs continue to indicate high interest in peginesatide, suggesting approximately 39% of their dialysis patients would be candidates if approved.
Raymond said this data indicate launch potential that justifies significant upside to the stock. He reiterated their Outperform rating and $13 price target saying they remain "aggressive buyers."
For an analyst ratings summary and ratings history on Affymax, Inc. click here. For more ratings news on Affymax, Inc. click here.
Shares of Affymax, Inc. closed at $10.15 yesterday, with a 52 week range of $3.93-$10.21.
Discover Wall Street's best ratings calls with the pros - Ratings Insider Elite. Free Trial!
Baird analyst Christopher Raymond said the market has discounted peginesatide's revenue potential, on the view that Amgen's (Nasdaq: AMGN) US hemodialysis dominance is bullet-proof. However, new survey data shows a strong awareness and willingness to prescribe peginesatide that may surprise some investors.
BioTrends survey data suggests ESAs may have have stabilized and the underlying
reason may be real, as more docs are seeing blood transfusions on the rise. In addition, data showed that roughly 3/4 of docs prefer some administration schedule other than current 3X/week regimen. This bodes well for peginesatide’s once-monthly profile, the analyst aid. Also, Docs continue to indicate high interest in peginesatide, suggesting approximately 39% of their dialysis patients would be candidates if approved.
Raymond said this data indicate launch potential that justifies significant upside to the stock. He reiterated their Outperform rating and $13 price target saying they remain "aggressive buyers."
For an analyst ratings summary and ratings history on Affymax, Inc. click here. For more ratings news on Affymax, Inc. click here.
Shares of Affymax, Inc. closed at $10.15 yesterday, with a 52 week range of $3.93-$10.21.
Discover Wall Street's best ratings calls with the pros - Ratings Insider Elite. Free Trial!
You May Also Be Interested In
- Analyst Sees Affymax's (AFFY) Omontys as Comparable to Amgen's (AMGN) Epogen; Raises AFFY Target to $21
- Nomura Securities Maintains a 'Reduce' on Pacific Sunwear (PSUN); Raising Estimates After Q1 Report
- Barclays Maintains an 'Equalweight' on Enbridge Energy Partners (EEP); Positive Long-Term on New Pipeline Projects
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Robert W BairdSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
