Pipeline Strength and Key Late-Stage Assets Drive Upside in Alto Neuroscience Despite ALTO-101 Setback

William Blair analyst Myles Minter has reiterated their bullish stance on ANRO stock, giving a Buy rating on March 19.

Myles Minter has given his Buy rating due to a combination of factors tied to Alto Neuroscience’s overall pipeline strength and financial position. While the ALTO-101 trial in CIAS failed to meet its goals and has been removed from his valuation model, he had previously assigned limited value to this asset, so the impact on his fair value estimate is modest, with a revised probability-adjusted NPV of $38.20 per share.

Minter’s optimism is anchored in ALTO-207 and ALTO-300, which he sees as the core value drivers going forward. He highlights ALTO-207 as a prioritized, well-funded TRD program with a differentiated, orally available profile in a large and growing market, and points to the mid-2026 Phase IIb readout for ALTO-300 in MDD as a key upside catalyst. Combined with Alto’s solid cash runway through multiple clinical milestones, he believes the diversified pipeline supports the potential for multiple clinical successes and substantial upside from the current share price, justifying his Outperform (Buy) rating.

In another report released on March 19, JonesTrading also reiterated a Buy rating on the stock with a $49.00 price target.