Analyst Justin Walsh of JonesTrading reiterated a Buy rating on Alto Neuroscience, Inc., retaining the price target of $13.00.
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Justin Walsh has given his Buy rating due to a combination of factors surrounding Alto Neuroscience, Inc.’s recent developments and future potential. The company’s ALTO-101, a PDE4 inhibitor, has been granted Fast Track Designation by the FDA for the treatment of cognitive impairment associated with schizophrenia. This designation, while not guaranteeing clinical success, underscores the significant unmet need in this area and has positively impacted the stock’s performance.
Furthermore, the anticipated topline data from the Phase II trial of ALTO-101, expected later this year, could further enhance investor confidence if results are favorable. The company has also demonstrated promising data using its EEG-based biomarker, which could play a crucial role in distinguishing patients with cognitive impairment. These advancements, coupled with the potential for accelerated regulatory pathways, contribute to the optimistic outlook and the Buy rating for ANRO stock.
In another report released on September 29, Chardan Capital also initiated coverage with a Buy rating on the stock with a $15.00 price target.