UPDATE: Piper Jaffray Initiates Coverage on Athersys

According to a research report published earlier today, Piper Jaffray has initiated Athersys Inc. (NASDAQ: ATHX) with an Overweight rating and $4 PT.Piper Jaffray explained in the report, “Athersys is a regenerative medicine company developing MultiStem, an offthe-shelf stem cell therapy comprised of multipotent adult progenitor cells (MAPCs). Athersys is scheduled to discuss the design of a pivotal study in graft-vs. host disease (GvHD) with the FDA in May, offering a potential fast path to market. Athersys also partnered MultiStem with Pfizer in inflammatory bowel disease (IBD) with data from a randomized Phase II study expected in 1Q:13. Beyond these indications, Athersys is developing MultiStem for stroke and heart attack. Athersys recently raised $9 million in a private placement bringing pro forma cash to ~$25 million, which should last into mid'13. Trading at an enterprise value of only $22 million, we view Athersys as an attractive regenerative medicine play with multiple shots on goal.”Athersys closed yesterday at $1.67.