Attovia Therapeutics, Inc.'s (NASDAQ:ATTO) Quiet Period To End on September 14th

Key Points

• Attovia Therapeutics’ quiet period ends September 14, potentially allowing IPO underwriters to begin issuing research coverage. The company raised $289 million by selling 17 million shares at $17 each in its August 5 IPO.
• Analysts are broadly bullish, with five firms assigning Buy-equivalent ratings and price targets ranging from $30 to $52. The consensus target is $42.20, compared with the stock’s recent opening price of $25.55.
• Insiders have shown strong buying activity, purchasing 2.74 million shares worth about $47.3 million over the past three months. The company recently reported a quarterly loss of $4.88 per share on $0.45 million in revenue.

Attovia Therapeutics' (NASDAQ:ATTO - Get Free Report) quiet period will end on Monday, September 14th. Attovia Therapeutics had issued 17,000,000 shares in its IPO on August 5th. The total size of the offering was $289,000,000 based on an initial share price of $17.00. During Attovia Therapeutics' quiet period, insiders and any underwriters that worked on the IPO are prevented from issuing any research reports or earnings estimates for the company because of SEC regulations. Following the end of the company's quiet period, it's expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ATTO shares. Morgan Stanley started coverage on Attovia Therapeutics in a research note on Monday, August 31st. They issued an "overweight" rating and a $39.00 price target for the company. Citigroup started coverage on Attovia Therapeutics in a research report on Monday, August 31st. They set a "buy" rating and a $30.00 price objective on the stock. Royal Bank Of Canada started coverage on Attovia Therapeutics in a report on Monday, August 31st. They issued an "outperform" rating and a $45.00 price objective for the company. Leerink Partners assumed coverage on Attovia Therapeutics in a research report on Monday, August 31st. They issued an "outperform" rating and a $52.00 target price for the company. Finally, Lifesci Capital began coverage on shares of Attovia Therapeutics in a research note on Monday, August 31st. They set an "outperform" rating and a $45.00 target price on the stock. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $42.20.

Attovia Therapeutics Stock Performance

NASDAQ ATTO opened at $25.55 on Monday. Attovia Therapeutics has a 1-year low of $16.15 and a 1-year high of $27.66.

Attovia Therapeutics (NASDAQ:ATTO - Get Free Report) last released its quarterly earnings results on Wednesday, September 2nd. The company reported ($4.88) earnings per share (EPS) for the quarter. The firm had revenue of $0.45 million during the quarter. As a group, analysts forecast that Attovia Therapeutics will post -4.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Attovia Therapeutics news, major shareholder Goldman Sachs Group Inc bought 500,000 shares of Attovia Therapeutics stock in a transaction on Thursday, August 6th. The stock was acquired at an average cost of $17.00 per share, with a total value of $8,500,000.00. Following the completion of the acquisition, the insider owned 3,020,632 shares in the company, valued at approximately $51,350,744. This represents a 19.84% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Global Strategic Fund I. Venbio acquired 382,352 shares of Attovia Therapeutics stock in a transaction dated Thursday, August 6th. The stock was bought at an average price of $17.00 per share, with a total value of $6,499,984.00. Following the completion of the purchase, the insider directly owned 4,181,367 shares in the company, valued at $71,083,239. This represents a 10.06% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders bought 2,740,587 shares of company stock valued at $47,269,979.

Attovia Therapeutics Company Profile

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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