TD Cowen upgrades Alto Neuroscience stock with Outperform rating

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TD Cowen upgrades Alto Neuroscience stock with Outperform rating
Credit: © Reuters.

Tuesday, March 28, 2024 - Alto Neuroscience (NYSE:ANRO) received an Outperform rating from TD Cowen, as the firm began coverage on the biotechnology company.

The focus of the coverage is on Alto Neuroscience's development of precision neuropsychiatry therapies, particularly for major depressive disorder (MDD), post-traumatic stress disorder (PTSD), and schizophrenia.

The company's lead Phase 2b assets, ALTO-100 and ALTO-300, are currently under development for MDD patients. These assets are designed to address patients characterized by poor cognition and those that can be identified using a proprietary EEG biomarker. According to TD Cowen, these two assets hold the most current investment value for the company.

The anticipated timeline for the release of clinical data is set for the second half of 2024 for ALTO-100, and the first half of 2025 for ALTO-300. The firm's positive outlook is based on these upcoming milestones, which are expected to provide significant insights into the efficacy and potential of Alto Neuroscience's therapeutic approach.

The initiation of coverage and the positive rating by TD Cowen may influence investor sentiment and market performance for Alto Neuroscience. The Outperform rating suggests that the firm believes Alto Neuroscience's stock will perform better than the average return of the stocks TD Cowen covers.

Investors and stakeholders in the biotechnology sector will be closely monitoring Alto Neuroscience as the company progresses towards these critical data release dates. The development of ALTO-100 and ALTO-300 represents a significant step in the company's efforts to innovate within the field of neuropsychiatry.

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