NEW YORK (TheStreet) -- Shares of Athersys(ATHX) - Get Report are spiking by 9.66% to $1.59 on heavy volume in afternoon trading on Thursday, after the company announced positive results late yesterday afternoon from the analysis of one year follow-up data from its Phase 2 clinical study of its MultiStem cell therapy for ischemic strokes.
The one year data showed that MultiStem-treated subjects on average continued to improve through one year and had a significantly higher rate of "excellent outcome" compared to placebo subjects at one year when evaluating all subjects enrolled in the study, the company said in a statement yesterday.
"We are particularly excited by the one-year follow-up results because they show that MultiStem treatment can significantly increase the number of patients who have an Excellent Outcome, meaning complete or nearly full recovery, over the standard of care when considering all subjects in the trial," Chairman and CEO Dr. Gil Van Bokkelen said in a statement.
The Cleveland-based biotechnology company is primarily focused on regenerative medicine.
Its current clinical development programs are focused on treating inflammatory and immune disorders, neurological conditions, cardiovascular disease and other conditions.
About 8.14 million of Athersys' shares were traded by this afternoon, much higher than its average volume of 591,684 shares per day.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D- on the stock.
This is driven by a number of negative factors, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: ATHX