Could Affymax, Inc. (OTCMKTS:AFFY) Be Headed for The Bottom
Affymax, Inc. (OTCMKTS:AFFY) is one of the more stable stocks in the OTC Markets. They rarely have big percentile movements, due to the ongoing investigation concerning the side effects of their voluntarily recalled drug OMONTYS and the lack of definitive news. Everyone are holding their breath, however, yesterday’s pessimistic review from Seeking Alpha managed to bring the ticker down on big volumes.
Yesterday’s trade session started slowly and there were barely any trades of Affymax shares. It even managed to close in on the $2 mark with a high of $1.95 per share after the company’s stock gapped up and opened at $1.846.
Since there were no definitive news on the investigation that Takeda has undertaken to find out what caused the side effects that resulted in several deaths, the ticker’s price is relying on reviews at its movement.
It all seemed like it was going all right until Seeking Alpha posted their troubling review after noon, in which they expressed an opinion that was surely not to the liking of people who were holding AFFY shares. It looks like there are 2 different opinions since we saw the not so gloomy articles posted on Seeking Alpha in July and on August 24, who helped the stock gain some value.
Right after the brand new review was posted the company’s stock plummeted and heavy trading commenced. By the end of the day the stock had lost 15% from its value and closed the session at $1.568 per share on a heavy volume of 3.8 million shares that helped generate a trade value of $6.5 million.
The stock is doing better in today’s trade session and has so far regained some of its value. In just half an hour of trading the ticked added 8.42% in price and is currently nested at $1.70 on a decent volume of 320 thousand traded shares.
Indeed there is a strong chance that OMONTYS won’t return to the market and if it does there is the possibility that it won’t have the same appeal, but Takeda are operating with a strong will and this might bring them the much wanted success.
For now be sure to do a lot of due diligence and weigh out the risks for yourself. After all, the coin has two sides.
Another medical ticker that is having a rough time at this moment is that of InVivo Therapeutics Holdings Corp. (OTCBB:NVIV), who lost around 50% of their value in just 4 trade sessions, after it was announced that their business plan might be slowed with as much as 5 years. Today, however, they are doing good since market open and are currently priced at $1.78.
On the other hand it seems like Nuvilex Inc. (OTCMKTS:NVLX)’s stock can’t decide where it is going. It has a very inconsistent movement, but yesterday’s session was a small success with a gain of 5%.
