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Biotech / Medical : Biotech Short Candidates
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To: tuck who wrote (481)4/4/2003 3:54:20 PM
From: tuck   of 897
 
<<1:43PM Affymetrix: What to do with stock now -- ThinkEquity (AFFX) 18.21 -9.79: -- Update -- ThinkEquity Partners is out with a note on stock's outlook from here. Given firm's timeliness in getting its clients out of the name last week, we thought it would be interesting to hear their opinion on stock's prospects in light of today's 35% implosion. Recall that ThinkEquity downgraded AFFX last Thursday after firm's channel checks revealed lackluster ordering patterns from customers. Firm also cautioned investors of suspicion that co would miss its qtr. With stock down 34% from pre-downgrade levels, ThinkEquity believes that those still in the name should hold through at least the April 23rd conference call; at present, believes stock could rebound into the low $20s by yr-end based on a recovery of product sales growth and new product offerings. Although firm notes that this is a highly speculative call without further info from the company, it is reiterating its Equal Weight rating. <<

Seems to have put a floor under it after Solly's much less timely downgrade this morning. A reasonable stance to take; most of the downside near term is gone. Intermediate term . . . if AFFX doesn't recover in the next quarter, hello low teens. Can't decide whether or not to cover now, but I think I've got some time to think it over.

Cheers, Tuck
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