Alto Neuroscience, Inc.: Promising Clinical Trials and Strong Financial Position Justify Buy Rating

TD Cowen analyst Ritu Baral has maintained their bullish stance on ANRO stock, giving a Buy rating on May 15.

Ritu Baral has given her Buy rating due to a combination of factors related to Alto Neuroscience, Inc.’s promising clinical trial developments and financial stability. The company is advancing its pipeline with significant upcoming milestones, including the completion of enrollment in the Phase 2 proof-of-concept study for ALTO-203 targeting major depressive disorder with anhedonia. The topline data from this study is expected in the second quarter of 2025, which could potentially validate the efficacy of their treatment approach.
Additionally, Alto Neuroscience, Inc. has a strong financial position with a cash runway projected to last into 2028, despite reporting a net loss in the first quarter of 2025. This financial stability allows the company to continue its research and development activities without immediate funding concerns. The ongoing and future trials, such as the Phase 2b adjunct study for major depressive disorder and the Phase 2b study for bipolar disorder, further support the potential for successful outcomes, making the stock an attractive buy for investors.