) reached a 52-week high of $3.20 during the first half of the
trading session on Jan 6, 2014. The closing price of $3.05
reflects a massive increase of more than 150% in a span of one
This biotechnology company, with a Zacks Rank #2 (Buy), has a
market cap of $202.4 million. The average volume of shares traded
during the trading session stood at 1,415,158.
What's Driving the Price?
The share price of the company has been on an uptrend ever since
Athersys announced the completion of the enrolment process of a
phase II study on its MultiStem cell therapy on Dec 19, 2013.
Athersys' MultiStem therapy is being evaluated for ulcerative
colitis in collaboration with
). The stock price has shot up 43.9% since the announcement was
made in December.
The randomized, double-blind, placebo-controlled, multi-center
phase II study will evaluate the use of MultiStem therapy in
patients suffering from moderate-to-severe ulcerative colitis.
Athersys said that results from the phase II study will be
announced in two parts with the initial results expected in the
April - May timeframe. The second part of the data is expected to
be available towards the end of the second quarter of 2014.
We note that Athersys is also evaluating MultiStem therapy for
treating inflammatory bowel disease, ischemic stroke, damage
caused by myocardial infarction and prevention of
graft-versus-host disease (GvHD). In Dec 2013, MultiStem therapy
was granted orphan drug designation in Europe for the GvHD
The candidate already has orphan drug designation in the U.S.
for this indication. We are encouraged by the pipeline progress
at Athersys and expect investor focus to stay on pipeline updates
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