Affymax, Inc. (OTCMKTS:AFFY) Trading Well Despite Topsy-turvy Week
Northern, WI 06/11/2013 (GDPInsider) – Affymax, Inc. (OTCMKTS: AFFY) has an eventful week so far but this has stopped investors from remaining bullish on the stock. AFFY started the day level with its previous close of 0.85 and quickly rallied, gaining 19.99% on the day.
The stock had a trading range of 0.8410 and 1.08, with volume coming at 3.829 million shares. The topsy-turvy experience for AFFY started when the company got news that Nasdaq was set to delist the company from it exchange as of June 06, 2013.
AFFY was keen not lose its stride and the company issued a release on June 06. 2013, informing investors that notwithstanding the delisting, investors could still trade shares in the company via OTC Markets Group Inc. AFFY informed investors that the ticker symbol would remain as “AFFY” and also available on the OTC Bulletin Board.
The somewhat dramatic investor trading profile of AFFY was followed by news that there was immediate shakeup among its executive. The company announced that effective June 06, 2013 Herb Cross was terminated as Chief Financial Officer and an employee of the Company. The Company concurrently appointed Rich Brenner of The Brenner Group (“TBG”) as Chief Executive Officer, Weston Rose of TBG to serve as President and Mark Thompson of TBG to serve as Chief Financial Officer of the Company during the continuing restructuring of the Company.
The dust settled after what was a very eventful week and this led up to the current state of affairs which sees AFFY adding a healthy 19.99% to its market valuation.
By the looks of things with the technical setup of AFFY, the biopharmaceutical company hasn’t lost a step trading wise and investors have certainly voted on their confidence going forward.
With a RSI of 58.57, AFFY is still within healthy trading levels before the stock reaches overbought levels. This will serve as a cue for other investors who might have been on the fence.
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