NEW YORK (TheStreet) -- Affymetrix (AFFX) stock is up by 14.09% to $15.99 on heavy trading volume on Friday, after the company received a takeover offer from Origin Technologies Corp. that could rival Thermo Fisher Scientific's (TMO) offer.
Origin, which is a genomics company that was recently created by former Affymetrix executives, announced on Friday that it offered to buy Affymetrix for $16.10 per share in cash. The deal is valued at about $1.5 billion.
Earlier this year, Affymetrix announced it will be acquired by Thermo Fisher for $1.3 billion.
"We have tremendous respect for Affymetrix and its leadership team and believe that our unique insights and desire to accelerate innovation at the Company will result in advances in the science of genomics and related scientific breakthroughs in human health and life sciences," Origin CEO Wei Zhou said in a statement.
Based in Santa Clara, CA, Affymetrix provides life science and molecular diagnostic products.
So far today, 11.14 million shares of Affymetrix have traded, well above the company's 30-day average of 776,000 shares.
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