Athersys Inc (NASDAQ:ATHX) Stock Tanks 10%: Here is Why
This week investors in Athersys Inc (NASDAQ:ATHX) are going to be hoping for a recovery in the company’s stock after it declined by as much as 10% this past Friday.
Market Stats
On Friday, ATHX stock decreased 10% to $1.15 with more than 3.72 million shares, compared to its average volume of 1.22 million shares. The stock has moved within a range of $1.1200 – 1.1850 after opening trading at $1.15.
Major Trigger
In this regard, it might be a good time to take a look at a development from Friday that actually led to the sharp selloff in the stock. The company announced on Friday that HEALIOS KK, its commercial and development partner in Japan, was planning to submit its application for its orphan regenerative medicine at some point between the fourth fiscal quarter of 2021 and the first quarter of next year.
It seems that the announcement did not come as a source of optimism for investors and the Athersys stock soon suffered from a selloff. The company also noted that at this point in time, HEALIOS was in continuous consultation with the Pharmaceuticals and Medical Device Agency regarding the regulatory approval of the product MultiStem.
The product in question is meant for the treatment of acute respiratory distress syndrome. It was an important announcement from Athersys last week but it was quite clear that the timeline was perhaps not to the liking of investors. It now remains to be seen if the stock can rebound this week.
Traders Corner
ATHX stock is trading below the 20-Day and 50-Day Moving averages of $1.27 and $1.35 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.65. The stock is down 13% in the past month.
