Baird raised the firm’s price target on Alto Neuroscience (ANRO) to $16 from $10 and keeps an Outperform rating on the shares after Alto announced a positive FDA update and $50M PIPE. Baird is encouraged by the additional liquidity and the streamlined plans to advance ALTO-207 to the pivotal stage in treatment-resistant depression, and tells investors in a research note that data showing 96%-100% of patients met pharmacokinetic positivity thresholds from ALTO-100 BPD and ALTO-101 CIAS Phase 2b trials indicate Alto is effectively mitigating patient compliance risk following the ALTO-100 major depressive disorder Phase 2b compliance issues
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