Piper Jaffray Raises Target on Affymax (AFFY) to $19 Amid Optimistic Peginesatide Numbers

Shares of Affymax (Nasdaq: AFFY) are catching a bid Thursday morning as Piper Jaffray's Ian Somaiya (one of just eight analysts who cover the stock) boosted estimates for the company earlier.

Following a recent meeting with Affymax managers, Somaiya is now more bullish on the long-term prospects for the company's peginesatide product. The analyst raised his FY15 adj-EPS estimate from $1.38 to $1.57.

Somaiya lifted his target on Affymax shares from $17 to $19. With Affymax shares last trading at $9.59, up 7.8 percent from Wednesday's close, the analyst's new price target represents potential upside of about 98 percent.

The firm maintains an Overweight rating on Affymax shares.

Visit our Analyst Ratings page to track all the market-moving analyst action on shares of Affymax.

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