William Blair analyst Myles Minter has reiterated their bullish stance on ANRO stock, giving a Buy rating on October 24.
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Myles Minter’s rating is based on the promising potential of Alto Neuroscience’s recently acquired ALTO-207, which is a combination therapy for treatment-resistant depression (TRD). The acquisition from Chase Therapeutics is seen as a strategic move, with ALTO-207 showing an impressive effect size in clinical trials, suggesting it could offer significant benefits over existing treatments by improving tolerability and reducing side effects such as nausea and vomiting.
Moreover, the financial backing from a recent $50 million PIPE financing allows Alto to expedite the development of ALTO-207, with plans for pivotal studies in the near future. The market for TRD treatments is substantial, as evidenced by the success of Johnson & Johnson’s Spravato, and ALTO-207’s unique oral formulation and differentiated mechanism position it well to capture a share of this growing market. These factors collectively contribute to Minter’s Buy rating for Alto Neuroscience, Inc.
In another report released on October 24, H.C. Wainwright also reiterated a Buy rating on the stock with a $50.00 price target.