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
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ANRO:
- Alto Neuroscience to sell 3.832M shares at $5.91 in private placement
- Alto Neuroscience plans to accelerate development of ALTO-207
- Optimistic Buy Rating for Alto Neuroscience, Inc. Amidst Promising Developments and FDA Fast Track Designation
- Morning Movers: Apple shares slip following Jefferies downgrade
- Alto Neuroscience granted fast track designation for ALTO-101