Auriga Maintains a 'Buy' on Affymax, Inc. (AFFY); On the Clock - Submits Peginesatide NDA; Next Up Expected FDA Acceptance

Auriga maintains a 'Buy' on Affymax, Inc. (NASDAQ: AFFY), PT $10.

Auriga analyst says, "NDA submission puts AFFY on the clock. Based on our checks and read of the data, we believe the NDA has a high likelihood of regulatory success. We anticipate the FDA will accept the NDA filing, triggering a $10MM milestone payment from Takeda (we are modeling receipt in 3Q11). Additionally, we expect a standard (12-month) review and anticipate an advisory panel will review the NDA later this year or in early 2012. Peginesatide could be approved in 2Q12, which triggers a $50MM approval milestone."

For more ratings news on Affymax, Inc. click here and for the rating history of Affymax, Inc. click here.

Shares of Affymax, Inc. closed at $7.16 yesterday.

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