RBC Capital Markets initiated coverage of Attovia Therapeutics with an outperform rating and a $45 price target, implying more than 115% upside from the August 28 closing price of $20.70.
The firm highlighted Attovia’s two lead candidates—ATTO-1310 and ATTO-2306—both targeting IL-31 pathways, as primary drivers of valuation. RBC estimated peak global sales for ATTO-1310 at over $2.7 billion in pruritus-related indications, including chronic pruritus of unknown origin and cholestatic pruritus. For ATTO-2306, targeted at atopic dermatitis, RBC projected peak sales exceeding $2 billion.
Attovia’s market capitalization stood at approximately $890.7 million as of the coverage date, following an initial public offering that raised $289 million at a $17 issue price and a first-day close of $21. The company’s current ratio was reported at 13.94, indicating strong liquidity.
RBC’s price target compares with a $39 target set by Morgan Stanley, which also initiated coverage with an overweight rating. Attovia’s shares fell 3.54% to $20.70 on August 28, according to market data cited in the report.
Clinical milestones remain key catalysts. Phase 1b data for ATTO-1310 in chronic pruritus and high-pruritus atopic dermatitis is expected in the fourth quarter of 2026 or first quarter of 2027. ATTO-2306 is slated to enter Phase 1 trials in the first half of 2027, with initial data anticipated in 2028.
