Alto Neuroscience’s ALTO-101 miss doesn’t impact thesis, says H.C. Wainwright

While Alto Neuroscience’s (ANRO) ALTO-101 failed to meet its Phase 2 primary endpoints in cognitive impairment associated with schizophrenia, the outcome does not alter H.C. Wainwright’s broader thesis, as no prior value had been assigned to the program and it will not be advanced independently, the analyst tells investors in a research note. Focus shifts to a catalyst-rich 2026, including ALTO-207 in treatment-resistant depression, ALTO-300 in major depressive disorder, and ALTO-100 in bipolar depression, with $275M in cash supporting execution across a robust precision neuropsychiatry pipeline, the firm says. H.C. Wainwright reiterates a Buy rating and $50 price target on the shares.