The shares are up over 90% for the year so your titanic description is a bit exaggerated. I think some investors with a shorter time horizon have grown impatient and the lack of any firm news on commencing a stroke trial in Japan on the conference call are factors. Healios is calling the shots in Japan so Athersys had to respect that.
I'm very bullish based on the stroke data and that a pivotal trial in Japan is fully paid for by Healios and is still on course to commence enrollment in the fall. Also there is a possibility we could see some national news exposure soon if the stroke results are published in a major medical journal. Publication of the results was mentioned on the conference call. The 90 day post-hoc analysis was very encouraging but viewed by investors as a fail at the time. The one year results showed statistical significance in ALL patients for the same measure ("excellent outcome") used to get tPA approved by Genentech 20 years ago. Lessons learned in the Phase II, especially reducing the treatment window from 48 to 36 hours, make Japan approval very likely with full reimbursement, especially with the added option of "conditional approval". Seeing Meso put up good RA results also gives the allogeneic model more credibility. I can't tell you where the shares will be in the next few days but I believe that Athersys is in a better position than any other stem cell company. As always these are just my opinions and EVERYONE should do their own DD.