Athersys initiated with a Buy at Alliance Global Partners

Alliance Global Partners initiated coverage of Athersys with a Buy rating and $5.50 price target. The firm said its price target is based primarily on its expectations for the MultiStem cell therapy platform as an allogeneic stem cell therapy for ischemic stroke. There are already two other approved ischemic stroke therapies, but each of these have limited applicability, a limited time frame for treatment, limited efficacy, and significant side effects. The firm, which thinks MultiStem cell therapy could improve outcomes on each of these metrics, sees "blockbuster potential" given what it views as the unmet need in ischemic stroke.