Alto Neuroscience, Inc., the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Justin Walsh from JonesTrading reiterated a Buy rating on the stock and has a $49.00 price target.
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Justin Walsh has given his Buy rating due to a combination of factors, primarily focusing on the potential of Alto Neuroscience’s ALTO-207 drug candidate. The recent discussions with the company’s management highlighted that the market might be underestimating ALTO-207’s potential in treating treatment-resistant depression, especially given its innovative formulation combining pramipexole and ondansetron. This combination addresses previous challenges associated with pramipexole, such as slow titration and poor tolerability, making it a promising candidate.
Furthermore, the financial projections for ALTO-207 are significant, with risk-adjusted net U.S. sales expected to reach $1.95 billion by 2033, making it a core value driver for the company. The integration of clinical biomarkers is also expected to enhance patient selection and treatment efficacy across Alto’s pipeline, with upcoming data readouts in 2025 and 2026 likely to validate this approach. These factors collectively support the increased price target of $49 and reinforce the Buy rating.
In another report released today, Jefferies also maintained a Buy rating on the stock with a $25.00 price target.