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Investment Bank Downgrades Affy Stock; Shares Slide 4.9 Percent

NEW YORK, July 11 (GenomeWeb News) - An investment bank this morning downgraded Affymetrix stock, forcing shares in the microarray marker leader to slide 4.9 percent, or $2.92, to $56.33 by late afternoon.

 

Robert W. Baird said it downgraded the stock to "underperform" from "market perform." In a statement, the investment bank said that "While we continue to believe Affymetrix will maintain its dominant position with robust growth potential, we think current estimates already adequately reflect anticipated future revenue and earnings," according to CBSMarketwatch.

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