Auriga Reiterates a 'Buy' on Affymax, Inc. (AFFY); : Ramping Up for a Commercial Launch

Auriga reiterates a 'Buy' on Affymax, Inc. (NASDAQ: AFFY) price target of $17.00.

Auriga analyst said, "Affymax reported 4Q11 revenue / EPS of $3.7MM / $(0.82) , below our $5MM / $(0.52) estimate primarily due to higher than expected R&D spending . Given the company is a development stage biotech, earnings are not a major driver. The key upcoming catalyst is the March 27 PDUFA date for peginesatide. AFFY provided 2012 expense guidance, but will not provide product revenue guidance at this time. Overall, we continue to see a significant market opportunity for peginesatide, and expect approval later this month."

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 $11.11 yesterday.

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