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Affy Stock Climbs 5 Percent as Investment Banks Continue Upgrades

NEW YORK, Oct. 3 (GenomeWeb News) - Shares in Affymetrix were up 5.2 percent, or $2.40, at $48.63 in mid-afternoon trading today after the company received its third upgrade from investment banks in the last week.

 

Earlier today, investment bank Leerink Swan upgraded Affy's stock to "outperform" from "market perform." On Friday, Lehman Brothers upgraded Affy's stock to "equal-weight" from "underweight."

 

The upgrades follow last week's upgrade by investment bank Robert W. Baird to "neutral" from "underperform."

 

The upgrades come in the wake of last week's disclosure that "low initial-production yields" of the company's 500K Mapping Array Set will result in a revenue shortfall in the third quarter of as much as 13 percent.

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