Zacks Investment Research upgraded shares of Affymetrix, Inc. (NASDAQ:AFFX) from a hold rating to a buy rating in a report published on Wednesday, ARN reports. The brokerage currently has $16.00 price objective on the stock.

According to Zacks, “Affymetrix is set to be acquired by Thermo Fisher for $1.3 billion, which we believe is positive for investors. Meanwhile, Affymetrix’s strategy of diversifying revenues and focusing on new market opportunities is paying off. The genetic analysis business continues to be the primary growth driver for the company. Moreover, we feel that the collaboration with Toshiba Corp and the U.K. Biobank contract will open up new opportunities for Affymetrix and help the company gain significant market traction, going forward. In addition, the rollout of new products is a key growth catalyst. However, recent foreign exchange volatility may impact top-line growth in the near term.”

Affymetrix (NASDAQ:AFFX) traded up 0.07% during mid-day trading on Wednesday, hitting $13.92. 1,692,256 shares of the stock were exchanged. The firm has a 50-day moving average price of $11.16 and a 200-day moving average price of $9.94. Affymetrix has a 12-month low of $8.28 and a 12-month high of $14.00. The stock has a market capitalization of $1.11 billion and a P/E ratio of 103.88.

Affymetrix (NASDAQ:AFFX) last announced its earnings results on Wednesday, October 28th. The company reported $0.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.02. The business earned $86.50 million during the quarter, compared to analyst estimates of $88.04 million. The business’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter last year, the business posted $0.08 earnings per share. Equities analysts predict that Affymetrix will post $0.42 earnings per share for the current fiscal year.

A number of other analysts have also commented on the company. Mizuho lowered Affymetrix from a buy rating to a neutral rating and set a $14.00 price objective for the company. in a research report on Monday, January 11th. Cowen and Company lowered their price objective on Affymetrix from $12.00 to $10.00 in a research report on Tuesday, October 6th. Cantor Fitzgerald lowered Affymetrix from a buy rating to a hold rating and lifted their price objective for the stock from $13.00 to $14.00 in a research report on Monday. Finally, BTIG Research reiterated a hold rating on shares of Affymetrix in a research report on Thursday, October 29th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $12.83.

Several institutional investors recently bought and sold shares of AFFX. Simplex Trading bought a new position in Affymetrix during the fourth quarter valued at about $0. MUFG Americas raised its position in Affymetrix by 12.5% in the third quarter. MUFG Americas now owns 3,500 shares of the company’s stock valued at $30,000 after buying an additional 390 shares during the last quarter. Capstone Asset Management Company raised its position in Affymetrix by 4.5% in the fourth quarter. Capstone Asset Management Company now owns 30,579 shares of the company’s stock valued at $309,000 after buying an additional 1,330 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in Affymetrix by 5.2% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 40,700 shares of the company’s stock valued at $407,000 after buying an additional 2,000 shares during the last quarter. Finally, River & Mercantile Asset Management bought a new position in Affymetrix during the fourth quarter valued at about $777,000.

Affymetrix, Inc. is a provider of life science products and molecular diagnostic products that enable parallel analysis of biological systems at the gene, protein and cell level. The Company sells its products to genomic research centers, academic institutions, government and private laboratories, as well as pharmaceutical, diagnostic and biotechnology companies. The Company maintains sales and distribution operations across the United States, Europe, Latin America and Asia. It operates in two business segments: Affymetrix Core and eBioscience. Affymetrix Core focuses on the development, manufacture and commercialization of systems for genetic analysis in the life sciences, agricultural biotechnology (NASDAQ:AFFX) and diagnostic industries. eBioscience primarily focuses on the development, manufacture, marketing and distribution of research products in the areas of flow cytometry, immunoassays, microscopic imaging and other protein-based analyses.

12 Month Chart for NASDAQ:AFFX

Get a free copy of the Zacks research report on Affymetrix (AFFX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Affymetrix Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Affymetrix Inc. and related companies with MarketBeat.com's FREE daily email newsletter.