JonesResearch analyst Justin Walsh lowered the firm’s price target on Alto Neuroscience (ANRO) to $44 from $49 and keeps a Buy rating on the shares after the company announced that the Phase 2 proof-of-concept study of ALTO-101 in cognitive impairment associated with schizophrenia failed to achieve statistical significance in its primary EEG or cognitive endpoints. While these are “disappointing results” and the firm sees weakness on this news as “justifiable,” it also believes that the market is mispricing the potential of Alto’s other assets and views this as “an attractive potential entry point,” the analyst tells investors.
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- Alto Neuroscience announces ALTO-101 did not achieve statistical significance
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