While many hope that it's some kind of civilization living its own life out there in the cosmos, it's entirely possible that it's something like a stellar flare, gravitational microlensing, or even interference from a satellite passing through the telescope's field of vision.
One thing encouraging to those hoping it turns out to be people with heads shaped like an upside down teardrop is the composition of HD164595. It's believed to be remarkably similar to the Earth's Sun and scientists have detected at least one Neptune-like planet in a circular orbit around the star.
"The signal conceivably fits the profile for an intentional transmission from an extraterrestrial source," wrote Alan Boyle, author of The Case for Pluto, "but it could also be a case of earthly radio interference or a microlensing event in which the star's gravitational field focused stray signals coming from much farther away into a singular beam picked up by the telescope. In any case, the blip is interesting enough to merit discussion by those who specialize in the search for extraterrestrial intelligence."