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Affymax(AFFY) is a biopharmaceutical company developing drugs to improve the treatment of serious and often life-threatening conditions. Its product candidate, Hematide (peginesatide), is designed to treat anemia associated with chronic renal failure. The stock is trading up 4.3% at $12.25 in recent trading.
Today's Volume: 1.65 million
Average Volume: 1.53 million
Volume % Change: 120%
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From a technical perspective, AFFY is bouncing today near some previous support at $11.18 with heavy volume. The stock is also managing to hold above its 50-day moving average of $10.63, after shares just pulled back sharply off its recent high of $16.25.
Traders should now look for long-biased trades if AFFY can manage to close near its daily highs. At last check, AFFY has printed a high of $12.49. If we get that action, then look for AFFY to move through $13 and trend higher in the near future.