Athersys (ATHX) PT Lifted to $9 at Maxim Group

Maxim Group analyst Jason Kolbert reiterated a Buy rating and raised his price target on Athersys (NASDAQ: ATHX) to $9.00 (from $7.00)

Kolbert highlights:

• Athersys will receive $3M in non-dilutive funding from the United Kingdom-based "Cell Therapy Catapult" non-profit center to fund a phase IIa trial of MultiStem in acute respiratory distress syndrome (ARDS). ARDS patients suffer from widespread lung inflammation that can often lead to death.
• Expanding MultiStem to ARDS shows the plasticity of these cells beyond stroke due to their capacity to both alter the immune response and support tissue regeneration.
• Athersys is closing in on a major milestone with stroke data from the MultiStem phase II trial coming in 1Q15. Athersys may have found the sweet spot in stroke treatment timing (24 hours to <2 days). The trial is completely enrolled across 27 U.S. sites.
• Our conclusion: Good data in stroke should be transforming for Athersys and could drive a valuation inflection for investors. Moving MultiStem to the clinic for ARDS with non-dilutive funding represents additional upside.
• We extend our model from 2018 to 2024 and discount back at 30% in addition to a 75% risk to our therapeutic model to reflect the early stage of development

For an analyst ratings summary and ratings history on Athersys click here. For more ratings news on Athersys click here.

Shares of Athersys closed at $1.98 yesterday.

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