It was a tough day in the markets for investors in Athersys Inc (NASDAQ:ATHX) as the stock suffered from an almighty selloff and ended the day with a decline of as much as 31%.
Trading Data
On Tuesday, ATHX stock plunged 31.27% to $0.5911 with more than 15.25 million shares traded, compared to its average volume of 2.22 million shares. The stock moved within a range of $0.5610 – 0.7580 after opening trading at $0.73.
Athersys Reports That Its Partner, HEALIOS K.K., Provides Updates on MultiStem® Clinical Programs in Japan
That being said, it is also necessary to note that there was no news about the company yesterday and the fall might appear a bit random to some investors. The last time the company was in the news was back on April 4 when the company made a major announcement with regards to its partner HELIOS K K.
Athersys announced that HELIOS had come up with updates in relation to two of its clinical programs about MultiStem cell therapy. Helios has the license for that therapy and is also in charge of the commercialisation and development of the same.
The announcement was an important one from Athersys, however, it is difficult to connect it to the latest selloff in the stock. At this point in time, it may be a good idea for investors to consider keeping the stock in their watch lists and keeping an eye on the news. It remains to be seen if it can make a recovery today or not.
Technical Data
ATHX stock is trading below the 20-Day and 50-Day Moving averages of $0.65 and $0.79 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.15.
