JonesTrading analyst Justin Walsh reiterated a Buy rating on Alto Neuroscience, Inc. (ANRO – Research Report) today and set a price target of $18.00.
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Justin Walsh’s rating is based on Alto Neuroscience’s promising advancements in precision neuropsychiatry, which were highlighted during a recent discussion with the company’s CEO, Amit Etkin. The company is working on a broad pipeline of treatments targeting multiple indications, with significant developments expected in the coming year. This includes the ALTO-203 data readout for major depressive disorder and the development of ALTO-101 for cognitive impairment associated with schizophrenia.
Walsh is optimistic about Alto Neuroscience’s approach to leveraging biomarkers to identify specific patient sub-populations, which could lead to more effective treatments. Despite previous setbacks, the company is refining its patient selection and compliance processes to enhance future trial outcomes. The broader context of underperformance in the CNS/neuropsych space presents a medium to long-term investment opportunity, as improvements in patient selection and biomarker use are anticipated to reduce risks and accelerate drug approvals.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $10.00 price target.