Maxim Raises Athersys Price Target Following Innovate UK Grant
In a research report issued today, Maxim Group analyst Jason Kolbert reiterated a Buy rating on Athersys (NASDAQ:ATHX) and raised his price target to $9.00 (from $7.00), as the company will receive $3 million in non-dilutive funding from the United Kingdombased “Cell Therapy Catapult” non-profit center to fund a phase IIa trial of MultiStem in acute respiratory distress syndrome (ARDS).
Kolbert observed, “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.” He added, “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.”
Athersys is a clinical stage biotechnology company engaged in the discovery and development of therapeutic product candidates designed to extend and enhance the quality of human life.