An analyst upgraded shares of genetic test maker Affymetrix Inc. Thursday after the company appointed a new chief executive with significant experience in the life sciences industry.
Baird analyst Quintin Lai upgraded company shares to "outperform" on expectations that incoming CEO Frank Witney will revive the company's revenue, which has declined 12 of the past 14 quarters.
"We expect Witney to hone in on Affymetrix's languishing revenue base while continuing the drive to improve gross and operating margins," Lai said in a note to investors.
Witney was most recently CEO of Dionex Corp., which completed its $2.1 billion sale to Thermo Fisher Scientific Inc. last month.
Baird notes that Witney "brings a string of successful leadership roles, many of which have ended as shareholder-favorable exits."