Why Athersys (ATHX) Stock Plummeted to a One-Year Low Today

NEW YORK (TheStreet) -- Athersys  (ATHX) plummeted more than 55% to a one-year low of $1.09 on Monday after the biotechnology company announced that its experimental stem-cell therapy to treat the inflammatory bowel disease ulcerative colitis did not show any benefits in patients in a mid-stage trial.

Athersys' partner Pfizer  (PFE) conducted the trial, in which the therapy did not show a statistically significant decrease in the severity of ulcerative colitis in patients with moderate to severe cases of the disease when compared to a placebo. The therapy also did not significantly reduce rectal bleeding when compared to a placebo.

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