Piper Jaffray says Athersys will present Phase II MultiStem data at the European Stroke Organization Conference on Sunday. The study has a high bar for success and is more likely to miss the primary composite endpoint, Piper states. The stock could potentially trade as low 45c, the company's cash position, on such an event, Piper believes. However, if the study shows statistical significance on the primary endpoint, the firm thinks shares will trade "meaningfully higher" as MultiStem would be the first new stroke therapy in 20 years. Piper says it would be a buyer of Athersys even if the study misses the primary composite endpoint but hits on secondary endpoint of NIHSS. The firm keeps an Overweight rating on Athersys with a $4 price target.