NEW YORK (TheStreet) -- Athersys (ATHX) continued its strong performance and surged more than 10% on Monday, reaching above $3 a share for the first time in two years.
The stock has soared by more than 13% in the past month and has also performed above its 20-day standard moving average. Athersys dipped to $1.90 a share on Dec. 12, 2013, but has climbed steadily since then. The stock rose to as high as $3.20 on Monday.
The company is conducting a Phase II study to discern the safety and effectiveness of MultiStem, a stem cell product for adults who have suffered moderate to moderately severe ischemic strokes. The American Heart Association notes that 87% of all strokes are ischemic, and these strokes are caused by blood clots in arteries in the brain. The Athersys study is double-blind and placebo-controlled.