Affymax, Inc. (OTCMKTS:AFFY) Slumps a Little Further
In yesterday’s session the stock of Affymax, Inc. (OTCMKTS:AFFY) traded in above-average volume once again, but the price action sent the ticker 2% in the red. The company is struggling with a downward slide that sent the price tumbling after it had recovered to $2 per share.
The most recent chart swings of AFFY have been largely attributable to another article outlet and two warring camps of posters, one heralding the company’s imminent return to glory and the other spewing forth mostly gloom and doom. AFFY ran into a major hurdle after their dialysis Omontys product, already stamped and approved by the FDA, had to be recalled by the company itself after patients developed potentially life-threatening conditions and even several fatalities were recorded.
Curiously, both the fans and bashers of the stock are throwing their arguments with great determination, forgetting one very important point. The jury is still out on whether the fatalities and the problematic patient cases were caused by a problem inherent to the drug or by human error. Once the investigation of this matter gets closure, the stock will certainly move, and in a big way. However, making predictions, even if basing opinions on some degree of facts, is largely speculation.
For the sake of shareholders, AFFY will hopefully come out with a conclusive report on the issue and all the tension and bullying up and down the charts will come to an end, no matter which way the security goes. In the meantime, investors are advised to be careful as it seems right now the stock is not moving due to the company’s performance or its product’s merits but due to the pokes and stabs that push it up and down.
AFFY is currently another 4% down in early trading.
Other stocks that traded heavily yesterday include Globalstar, Inc. (OTCMKTS:GSAT) who closed shy of 1% down, generating $6.8 million in dollar volume. NanoTech Entertainment, Inc. (OTCMKTS:NTEK) closed almost 5% up, stopping at $0.10.