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Affymax (AFFY +10.2%) trades up after posting a narrow Q3 earnings beat late yesterday. Total...

Affymax (AFFY +10.2%) trades up after posting a narrow Q3 earnings beat late yesterday. Total revenue increased marginally, by 3% Y/Y, but lower expenses gave a boost to bottom line margins. In its earnings call, the company says that operating expenses are projected to be lower for FY12 as well, now expecting to incur between $130M and $135M in costs, versus previous projections of $135M to $145M. The reduction is primarily driven by lower than expected increases in SG&A expenses due to cost savings. (Transcript)

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