Affymetrix, Inc. (AFFX) Coverage Resumed at Wedbush

Affymetrix, Inc. (AFFX) has been resumed with new coverage from the research analysts at Wedbush.  Wedbush begins coverage resumption of Affymetrix with a new price target set at $7 dollars, and rates performance of AFFX as ‘neutral,’ it had been rated as underperform.  Wedbush noted that improving gross margins coupled with cash flow and operational expenditures supports their rating.

AFFX set a new 52-week high during today’s trading session, reaching $7.75 dollars 44 minutes into the normal market session.  Shares afterward would be relegated to a pullback into the intraday range thereafter and encountered a notable amount of bearish momentum leading up to the final hours prior to the daily close.

Affymetrix is slated to release their next earnings report on July 27th, 2011, and is estimated to post EPS of a negative penny.  Their last earnings report was released on April 27th, 2011, and announced break-even EPS with revenue totaling $73.7 million which was down -8.1 % year to year.  AFFX is currently trading above its 50 & 200-day moving averages and 2011 is currently an up year for the company.

Affymetrix, Inc. develops, manufactures and sells products and services for genetic analysis to the life science research and clinical healthcare markets.  The company has market capitalization of $505,771,800 and 70,540,000 shares outstanding.  AFFX has a 52-week high of the aforementuoned $7.75 with the low being $3.75 dollars.

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