Stifel Keeps Buy Rating on Alto Neuroscience (ANRO)

Alto Neuroscience, Inc. (NYSE:ANRO) is one of the 11 Best New Penny Stocks to Buy Right Now. On June 26, Stifel reiterated its “Buy” rating on Alto Neuroscience, Inc. (NYSE:ANRO) with a price target of $10.

This decision came after the company announced Phase 2 proof-of-concept results for its drug ALTO-203 in major depressive disorder (MDD) patients with elevated levels of anhedonia.

The trial showed mixed results. However, Stifel analysts noted that ALTO-203 showed significant positive effects in improving sustained attention and increased wakefulness. The strongest results were seen in patients with more abnormal theta/beta EEG ratios at baseline, which is a biomarker that can be used to help diagnose ADHD.

Stifel described the trial as exploratory with low expectations, noting that although this program keeps some options open for Alto Neuroscience, Inc. (NYSE:ANRO), it does not change the core investment view as the company prioritizes its late-stage pipeline. The next steps for ALTO-203 are yet to be determined.

Alto Neuroscience, Inc. (NYSE:ANRO) is a clinical-stage biopharmaceutical company focused on the development of treatment options for neuropsychiatric disorders.

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Disclosure: None. This article is originally published at Insider Monkey.