Company

Bank

Analyst

Coverage

Opinion

Wk chg

3/22 cls

Aastrom Biosciences Inc. (NASDAQ:ASTM)

MLV

Megan McCloskey Dow

Downgrade

Hold (from buy)

-10%

$1.16

McCloskey Dow also lowered her target to $1.50 from $5.50. She does not believe Aastrom will meet her previous 2017 launch projection for ixmyelocel-T for critical limb ischemia (CLI) due to the slow enrollment of the company's Phase III REVIVE-CLI trial to prevent amputation in CLI patients. In its 4Q12 earnings call, the company said it has only enrolled 40 of a planned 594 patients since starting the trial last year, which is slower than expected. Aastrom expects top-line data from a Phase IIb trial with ixmyelocel-T to treat dilated cardiomyopathy (DCM) in early 2015, and McCloskey Dow expects a launch for DCM in 2017. Ixmyelocel-T is an autologous cell therapy made from bone marrow containing adult stem and progenitor cells using the Tissue Repair Cell technology.

Affymax Inc. (NASDAQ:AFFY)

Baird

Christopher Raymond

Price target

Neutral

-53%

$1.41

MLV

Ed Arce

Downgrade

Sell (from hold)