NEW YORK (TheStreet) -- Affymetrix (AFFX) stock is up by 4.56% to $15.02 in early-morning trading on Wednesday, after the company said a takeover proposal by OriginTechnologies Corp. could lead to a "superior proposal" compared to Thermo Fisher Scientific's (TMO) takeover offer.
On Tuesday, genomics company Origin raised its earlier takeover offer to $17 per share in cash. The offer threatened Thermo Fisher's $1.3 billion acquisition of Affymetrix.
Affymetrix announced on Wednesday that its board determined the offer could be expected to lead to a "superior proposal." However, the board is still in favor of the Thermo Scientific offer, the company said in a statement.
"Failure to engage with Origin on its merger proposal could reasonably be expected to be inconsistent with the Board's duties under Delaware law," the company said in a statement.
Based in Santa Clara, CA, Affymetrix provides life science and molecular diagnostic products.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "hold" with a ratings score of C. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and weak operating cash flow.
You can view the full analysis from the report here: AFFX