Citigroup Begins Coverage on Attovia Therapeutics (NASDAQ:ATTO)

Key Points

• Citigroup initiated coverage of Attovia Therapeutics with a “buy” rating and a $30 price target, implying approximately 44.9% upside from the previous close.
• Analyst sentiment is broadly positive: Morgan Stanley rated the stock “overweight” with a $39 target, while Leerink Partners assigned an “outperform” rating and a $52 target. The consensus rating is “Buy,” with an average price target of $41.50.
• Insiders made substantial purchases, acquiring 2.74 million shares worth about $47.3 million during the last quarter, while BlackRock increased its position by 23.4% in the second quarter.

Research analysts at Citigroup began coverage on shares of Attovia Therapeutics (NASDAQ:ATTO - Get Free Report) in a research report issued on Monday. The brokerage set a "buy" rating and a $30.00 price target on the stock. Citigroup's price objective points to a potential upside of 44.93% from the company's previous close.

Several other research firms have also recently weighed in on ATTO. Morgan Stanley began coverage on shares of Attovia Therapeutics in a report on Monday. They issued an "overweight" rating and a $39.00 price target on the stock. Leerink Partners assumed coverage on Attovia Therapeutics in a report on Monday. They issued an "outperform" rating and a $52.00 price objective on the stock. Four analysts have rated the stock with a Buy rating, According to MarketBeat.com, Attovia Therapeutics currently has an average rating of "Buy" and a consensus price target of $41.50.

Attovia Therapeutics Stock Performance

Shares of ATTO stock opened at $20.70 on Monday. Attovia Therapeutics has a 52 week low of $16.15 and a 52 week high of $24.32.

Insider Buying and Selling at Attovia Therapeutics

In other Attovia Therapeutics news, major shareholder Global Strategic Fund I. Venbio bought 382,352 shares of Attovia Therapeutics stock in a transaction on Thursday, August 6th. The shares were purchased at an average price of $17.00 per share, with a total value of $6,499,984.00. Following the acquisition, the insider owned 4,181,367 shares in the company, valued at $71,083,239. This trade represents a 10.06% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Redmile Group, Llc acquired 400,000 shares of Attovia Therapeutics stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average cost of $17.00 per share, for a total transaction of $6,800,000.00. Following the completion of the purchase, the insider directly owned 1,182,854 shares of the company's stock, valued at $20,108,518. This represents a 51.10% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders acquired 2,740,587 shares of company stock valued at $47,269,979.

Institutional Investors Weigh In On Attovia Therapeutics

A hedge fund recently raised its position in Attovia Therapeutics stock. BlackRock Inc. lifted its holdings in shares of Attovia Therapeutics, Inc. (NASDAQ:ATTO - Free Report) by 23.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 164,358 shares of the company's stock after purchasing an additional 31,189 shares during the period. BlackRock Inc.'s holdings in Attovia Therapeutics were worth $317,000 as of its most recent filing with the SEC.

About Attovia Therapeutics

Attovia Therapeutics, Inc NASDAQ: ATTO is a clinical-stage biopharmaceutical company developing antibody-based medicines for inflammatory and immune-mediated diseases. The company's research is focused on creating differentiated biologic therapies intended to address significant unmet medical needs.

Attovia uses proprietary antibody-engineering technologies to discover and develop therapeutic candidates, including multispecific antibodies designed to modulate disease-related biological pathways.

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