William Blair analyst Myles Minter has reiterated their bullish stance on ANRO stock, giving a Buy rating today.
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Myles Minter has given his Buy rating due to a combination of factors surrounding Alto Neuroscience, Inc.’s recent developments. The company’s ALTO-203 drug, although missing some conventional efficacy endpoints in its Phase II trial for major depressive disorder (MDD), showed promising activity in promoting wakefulness and potentially improving cognition. These effects were particularly notable in patients identified with a specific EEG biomarker, suggesting a targeted benefit.
Minter also highlights the potential for ALTO-203 to be more effective in alternative indications such as ADHD, narcolepsy, or idiopathic hypersomnia, which could open new avenues for the drug’s development. Additionally, Alto’s management is considering nondilutive partnering opportunities, which could provide financial support without diluting shareholder value. Despite a recent dip in stock prices, Minter maintains an optimistic outlook, emphasizing the anticipated Phase IIb readout of ALTO-300 in MDD as a significant future catalyst for the company’s shares.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $10.00 price target.