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Affy Shares Slump 8.6 Percent on Lower Revenue Outlook; Bank Downgrades Stock

NEW YORK, Jan. 6 (GenomeWeb News) - Shares in Affymetrix were down 8.6 percent, or $4.04, at $42.86 in mid-afternoon trading after the company cut its fourth-quarter and certain full-year 2005 revenue projections for the second time.

 

As reported by GenomeWeb News this morning, Affymetrix lowered its fourth-quarter revenue projections by 12.5 percent and 2005 product sales projections another 4 percent. The company called the adjustments "growing pains."

 

Citing the company's weak revenues, investment bank Caris & Company downgraded Affymetrix stock to 'Above Average' from 'Buy' today.

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