Alto Neuroscience price target lowered to $10 from $32 at Stifel

Stifel lowered the firm’s price target on Alto Neuroscience (ANRO) to $10 from $32 and keeps a Buy rating on the shares. The firm notes its lowered target reflects the failure of ALTO-100, but it continues to see the stock’s risk/reward as “compelling,” especially as it relates to ALTO-300, which employs a biomarker strategy in an attempt to enrich for better efficacy with agomelatine, an approved antidepressant in Europe.