Analyst Patrick Trucchio of H.C. Wainwright reiterated a Buy rating on Alto Neuroscience, Inc. (ANRO – Research Report), retaining the price target of $10.00.
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Patrick Trucchio has given his Buy rating due to a combination of factors including promising Phase 2 trial results for Alto Neuroscience’s ALTO-203. The trial highlighted ALTO-203’s potential as a pioneering treatment for major depressive disorder (MDD) with anhedonia, a condition resistant to standard antidepressants. The study confirmed the predictive value of an EEG-based biomarker, which could help identify patients likely to respond to ALTO-203, reinforcing findings from earlier trials.
Additionally, the trial demonstrated significant improvements in sustained attention and reductions in the EEG theta/beta ratio, particularly in patients with more abnormal baseline ratios. These results suggest ALTO-203’s potential to address sustained attention abnormalities in anhedonia-MDD patients. While the trial faced challenges such as a higher-than-expected placebo response, the overall findings support the potential efficacy of ALTO-203, justifying the Buy rating and a price target of $10.