Stifel starts Alto Neuroscience stock with buy, sets a $32 target

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Stifel starts Alto Neuroscience stock with buy, sets a $32 target
Credit: © Reuters.

On Tuesday, Stifel initiated coverage on shares of Alto Neuroscience (NYSE: ANRO), assigning a Buy rating and setting a price target of $32.00.

The biotechnology firm, which focuses on developing central nervous system (CNS) drug candidates through a "precision psychiatry" approach, has garnered attention for its potential to tailor treatments for conditions such as depression, bipolar disorder, and anxiety.

The precision psychiatry model is based on the use of biomarkers to match patients with the most effective medications, a concept that has received positive feedback from key opinion leaders. This approach aims to enhance the success rates of clinical trials and improve outcomes in real-world settings.

Alto Neuroscience's current portfolio includes early to mid-stage drug candidates ALTO-100 and ALTO-300, which are being evaluated for major depressive disorder (MDD). Stifel noted that the early data from these drug candidates could validate Alto's platform and approach to precision psychiatry.

The company's stock is viewed as having a risk/reward profile that is highly skewed towards the upside, especially with key data readouts anticipated in the second half of 2024 and the first half of 2025.

The evaluation by Stifel reflects optimism about the company's strategy and the potential impact of its drug candidates on the treatment of CNS conditions.

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