UPDATE: Stifel Nicolaus Upgrades Affymax to Buy

Stifel Nicolaus raises its rating on Affymax

to Buy from Hold and establishes a $19 price target on shares as it expects Peginesatide approval on March 27, 2012. Stifel Nicolaus says, "Affymax is preparing to launch lead drug Peginesatide into the U.S. dialysis market in 2Q. An FDA advisory panel voted almost unanimously for approval in December; we expect marketing approval on or before the March 27 PDUFA date. We expect Peginesatide will be a disruptive force in the market for erythropoietin stimulating agents. Amgen has had monopoly pricing power in this market for over twenty years; Peginesatide offers a long-acting (once/month) product, which we expect will be competitively priced in comparison to Amgen's Epogen." AFFY closed at $11.22 a share on Wednesday.