Alto Neuroscience

ANRO · NYSE

$24.41+$1.59 (+6.97%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $22.82

ANRO analyst rating

BuyConsensus of 7 analysts over the last 12 months. 86% rate it a buy.

Strong buy0
Buy6
Hold1
Underperform0
Sell0

12-month price target · 11 analysts

Average $38.87 (+59.3% upside)

Low: $26.26
Now: $24.41
High: $57.75

Upgrades and downgrades

The latest rating actions, newest first

ANRO analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Oct 19, 2026	Maintains	Buy	$55.00 → $60.00	33%
HC Wainwright & Co.	Aug 17, 2026	Maintains	Buy	$50.00 → $55.00	33%
Wedbush	Aug 13, 2026	Maintains	Neutral	$24.00 → $26.00	40%
BTIG	Aug 13, 2026	Maintains	Buy	$28.00 → $37.00	30%
Baird	May 18, 2026	Maintains	Outperform	$38.00 → $36.00	45%
Wedbush	May 14, 2026	Maintains	Neutral	$21.00 → $24.00	40%
HC Wainwright & Co.	May 11, 2026	Maintains	Buy	$50.00	33%
Chardan Capital	Apr 22, 2026	Maintains	Buy	$30.00	38%
Baird	Apr 2, 2026	Maintains	Outperform	$41.00 → $38.00	45%
HC Wainwright & Co.	Apr 2, 2026	Maintains	Buy	$50.00	33%

The case for and against

Updated Oct 14, 2026

Bull case

Alto Neuroscience is attractive fundamentally because its precision-psychiatry strategy enriches trials with brain-based biomarkers, potentially raising response rates, lowering noise, and improving the odds of regulatory success across ALTO-207, ALTO-300, ALTO-100, and ALTO-101. The July offering added about $94.6 million in net proceeds, lifting pro forma cash to roughly $338 million and extending runway through 2030, which meaningfully de-risks development for a clinical-stage company. The expanding PACE program for ALTO-207 is especially compelling, with PACE-1 enrolling on track, PACE-2 designed to run in parallel by early 2027, and PACE-3 adding a monotherapy path that could broaden the label and addressable TRD population.

Bear case

Alto Neuroscience is burdened by a still unproven biomarker-driven platform and a pipeline that remains highly clinical-stage, leaving outcomes dependent on trial execution, regulatory acceptance, and whether digital or EEG-based diagnostics gain broad clinical adoption. Even though independent pramipexole data showed anhedonia improvement, the roughly 60% nausea rate underscores a tolerability problem that ALTO-207 is trying to address, while the company’s own model assumes only a 35% PoS for ALTO-207 in TRD, 30% for ALTO-300 in MDD, and 10% for ALTO-100 in BPD. The need for $150M-$200M annual equity raises from 2027E-2029E, combined with likely dilution and risk that capital access could be limited, supports a cautious view on the stock.

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