General Commentary: Affymax (AFFY) has continued to surge this morning, rising over 35%. The stock is now up approximately 100% from yesterday's opening price of $0.80. Yesterday when we first pointed out the stock we noted that no new information has come out to explain the move. Aside from a somewhat dubious positive blog article from an admitted long holder we are still not seeing anything that could definitively explain the recent gains.

Gainers on news: Affymax (AFFY +36.76%) Continued strength; still not seeing any material news to account for 100%+ move over the past two days Alexza Pharmaceuticals (ALXA +24.6%) Entered into an exclusive U.S. license and supply agreement with Teva Pharmaceutical (TEVA) for ADASUVE (loxapine) inhalation powder 10 mg for the acute treatment of agitation associated with schizophrenia or bipolar I disorder in adults ICU Medical (ICUI +13.26%) Seeing M&A chatter; sale could exceed $1 bln, according to reports.

Decliners on news: Oculus Innovative Sciences (OCLS -14.00%) Mentioned negatively in blog article CytRx (CYTR -9.80%) Co announced discontinuation of Phase 2b clinical trial with tamibarotene as a first-line treatment for patients with advanced non-small-cell lung cancer following a Data Safety Monitoring Committee review BIOLASE (BIOL -5.28%) Received FDA clearance for orthopedic and podiatric WaterLase iPlus all-tissue laser for use as a surgical instrument

Gainers on earnings: Accuray (ARAY +9.89%) Missed quarterly EPS by $0.15 (-$0.37 ex items vs -$0.22 estimate), revs fell 30.7% yoy to $70.55 mln vs $76.78 mln estimate; sees FY13 revs of $310-318 mln (lowered from $320-330 mln) vs $325.69 mln estimate; gross new product orders totaled $53.8 mln, up from $39.8 mln in prior quarter DaVita (DVA +9.02%) Beat quarterly EPS by $0.04 ($1.84 ex items vs $1.80 estimate), revs rose 53.0% yoy to $2.83 bln vs $2.79 bln estimate Onyx Pharmaceuticals (ONXX +5.78%) Beat quarterly EPS by $0.02 (-$0.47 vs -$0.49 estimate), revs rose 102.0% yoy to $145.5 mln vs $134.91 mln estimate MCK +6.28%, MYGN +6.01%, BIO +5.91%, VVUS +5.07%, EXEL +3.38%, MAKO +2.98%, ARQL +2.13%, ARTC +1.97%, ZIOP +1.76%, FURX +1.11

Decliners on earnings: Jazz Pharmaceuticals (JAZZ -10.26%) Beat quarterly EPS by $0.02 ($1.37 ex items vs $1.35 estimate), revs rose 91.4% yoy to $196.2 mln vs $190.53 mln estimate; sees FY13 EPS of $6.10-6.30 ex items vs $5.83 estimate, revs of $830-860 mln vs $825.48 mln estimate POZEN (POZN -8.78%) Missed quarterly EPS by $0.02 (-$0.19 vs -$0.17 estimate), revs rose 10.1% yoy to $1.42 mln vs $1.48 mln estimate Coronado Biosciences (CNDO -6.63%) Missed quarterly EPS by $0.08 (-$0.35 vs -$0.27 estimate), no revs ISIS -8.13%, INFI -6.43%, CCRN -6.11%, SRDX -5.91%, BIOL -5.28%, PHMD -4.53%, PCRX -4.22%, TRNX -3.92%, ATRS -2.98%, CBMX -2.82%.

Upgrades/Downgrades: McKesson (MCK +6.40%) Target raised to $130 from $122 at Lazard; target raised to $122 from $118.50 at ISI Group Myriad Genetics (MYGN +5.97%) Upgraded to Buy from Neutral at Mizuho, target raised to $34 from $27 Aetna (AET +0.29%) Target lowered to $67 from $72 at Susquehanna Endo Health (ENDP -2.67%) Downgraded to Underperform from Neutral at Cowen; downgraded to Neutral from Buy at Buckingham Research Pain Therapeutics (PTIE -4.66%) Downgraded to Hold from Buy at Gabelli Synta Pharmaceuticals (SNTA -4.99%) Downgraded to Market Perform from Outperform at BMO Capital Markets

General Commentary: Affymax (AFFY) has continued to surge this morning, rising over 35%. The stock is now up approximately 100% from yesterday's