Good Post AllstarVulture
A completely speculative pick on my part. AFFY has been hammered on the news that Hematide, a drug designed to treat anemia in patients with chronic kidney failure, could lead to heart-related side effects. As of this writing the stock had a lost a full 2/3 of its pps value. Over-reaction? Maybe. What's being lost in this news is that the drug actually met its goal in its late stage trials. So, where from here? My wager is that the drop is at least partially fueled by panic selling. But do your own DD. This could just as easily go to $6 and stay there as it could rebound to $11.
IBD thoughts on AFFY:
(It went down almost -$16/shr already to $7.47 so the path to least resistance is to $11 not $6 especially since drug met targets and AFFY received a $30M milestone payment because of met targets)