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Affymetrix Shares Fall on Analyst Downgrade

NEW YORK (GenomeWeb News) – Shares in Affymetrix plummeted more than 13 percent in afternoon trading today on Nasdaq after an analyst from Barclay's Capital downgraded the firm from "equal weight" to "underweight."

Shares of Affymetrix were trading at $5.58 this afternoon, a decrease of $0.86 from yesterday's closing price of $6.44.

The Barclay's analyst downgraded Affymetrix's stock based on the recent introduction of competing technologies that are rendering Affymetrix's products "obsolete."

In particular, Barclay's noted that new sequencing technologies are becoming competitive with Affymetrix's array-based products, particularly in the gene expression analysis market.

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