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Two Banks Upgrade Affy Stock, Shares Up 7 Percent on IP-infringement Verdict

NEW YORK (GenomeWeb News) – A pair of investment banks today upgraded Affymetrix’s stock one day after a court found its principal rival Illumina guilty of infringing five of its patents.
News of the verdict, which forced Illumina to pay Affy $16.7 million in royalties for past sales, continued to buoy Affy’s shares, which were up 6.5 percent, or $1.70, at $28.31 in mid-afternoon trading today.
Robert Baird today upgraded Affmetrix’s stock to ‘Outperform’ from ‘Neutral,’ and Leerink Swan upgraded it to ‘Outperform’ from ‘Market Perform.’