Morgan Stanley Begins Coverage on Attovia Therapeutics (NASDAQ:ATTO)

Key Points

• Morgan Stanley initiated coverage of Attovia Therapeutics with an “overweight” rating and a $39 price target, implying approximately 88% upside from the prior close.
• Attovia insiders bought 2.74 million shares worth about $47.3 million over the last quarter, including significant purchases by Frazier Life Sciences and Redmile Group.
• BlackRock increased its Attovia holdings by 23.4% in the second quarter, reaching 164,358 shares valued at approximately $317,000.

Stock analysts at Morgan Stanley began coverage on shares of Attovia Therapeutics (NASDAQ:ATTO - Get Free Report) in a note issued to investors on Monday,Benzinga reports. The brokerage set an "overweight" rating and a $39.00 price target on the stock. Morgan Stanley's price target indicates a potential upside of 88.41% from the stock's previous close.

Attovia Therapeutics Price Performance

Shares of NASDAQ ATTO opened at $20.70 on Monday. Attovia Therapeutics has a one year low of $16.15 and a one year high of $24.32.

Insiders Place Their Bets

In other news, major shareholder Life Sciences Xi L.P. Frazier acquired 588,235 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The shares were purchased at an average price of $17.00 per share, for a total transaction of $9,999,995.00. Following the completion of the acquisition, the insider owned 6,154,213 shares of the company's stock, valued at approximately $104,621,621. This represents a 10.57% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Redmile Group, Llc acquired 200,000 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average cost of $17.00 per share, for a total transaction of $3,400,000.00. Following the transaction, the insider owned 982,854 shares of the company's stock, valued at approximately $16,708,518. This represents a 25.55% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 2,740,587 shares of company stock worth $47,269,979 in the last quarter.

Institutional Investors Weigh In On Attovia Therapeutics

An institutional investor recently raised its position in Attovia Therapeutics stock. BlackRock Inc. boosted its holdings in shares of Attovia Therapeutics, Inc. (NASDAQ:ATTO - Free Report) by 23.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 164,358 shares of the company's stock after buying an additional 31,189 shares during the quarter. BlackRock Inc.'s holdings in Attovia Therapeutics were worth $317,000 at the end of the most recent quarter.

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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