Baird Reiterates an 'Outperform' on Affymax (AFFY); Valuation Remains Inexpensive

Baird reiterates an 'Outperform' on Affymax, Inc. (NASDAQ: AFFY) price target of $13.00.

Baird analyst says, "Despite another uneventful Q211, we remain buyers of AFFY shares ahead of major regulatory events on tap for Q411/Q112. With peginesatide's dialysis-only NDA now accepted (PDUFA late-March 2012), next key value-driving event remains a late-2011/early-2012 AdCom. With no other major impediments between now and then, and a still compelling valuation (current EV ~$40M), we continue to see an excellent entry point here to build/add-to positions."

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 $4.67 yesterday.

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