Merrill reiterates Affymetrix at sell

Affymetrix Inc: was reiterated at sell by Merrill Lynch analyst Darryl Pardi after a visit with Illumina management regarding Affymetrix's announcement concerning challenges with the 500K SNP chip and risk to revenue targets. Affymetrix had an advantage in the whole genome genotyping market, but problems with the chip have opened a window for Illumina. Merrill believes customers are likely to delay orders for additional AFFX 500K chips through the first half of the year, giving them time to evaluate Illumina's product, available in the second quarter. The analyst lowered his 2006 earnings per share to $0.39 from $0.47. Shares of the Santa Clara, Calif., pharmaceutical company were down $1.89, or 5.77%, at $30.87 on volume of 1,658,410 shares versus the three-month running average of 3,815,341 shares. (Nasdaq: AFFX)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.