Alto Neuroscience (NYSE:ANRO) Shares Down 7.2% - Should You Sell?

Key Points

• Alto Neuroscience shares fell 7.2% to about $22.42 during Tuesday’s trading, below both the 50-day moving average of $30.67 and the 200-day average of $26.26.
• Analyst sentiment remains broadly positive: eight analysts rate the stock a Buy, two Hold, and one Sell, producing a “Moderate Buy” consensus and an average price target of $37.25.
• The company beat quarterly EPS expectations, reporting a loss of $0.65 versus the forecasted loss of $0.73, though its CFO recently sold 24,056 shares and analysts expect a full-year loss of approximately $2.68 per share.

Alto Neuroscience, Inc. (NYSE:ANRO - Get Free Report) shares fell 7.2% during mid-day trading on Tuesday. The stock traded as low as $22.40 and last traded at $22.4160. Approximately 367,786 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 408,330 shares. The stock had previously closed at $24.15.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ANRO. Wedbush upped their price target on shares of Alto Neuroscience from $24.00 to $26.00 and gave the stock a "neutral" rating in a report on Thursday, August 13th. BTIG Research upped their price objective on shares of Alto Neuroscience from $28.00 to $37.00 and gave the company a "buy" rating in a research note on Thursday, August 13th. HC Wainwright raised their target price on Alto Neuroscience from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Monday, August 17th. Zacks Research raised shares of Alto Neuroscience from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 20th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Alto Neuroscience in a research report on Wednesday, July 29th. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Alto Neuroscience currently has an average rating of "Moderate Buy" and an average target price of $37.25.

Alto Neuroscience Price Performance

The business's fifty day moving average is $30.67 and its 200-day moving average is $26.26. The company has a debt-to-equity ratio of 0.07, a current ratio of 14.85 and a quick ratio of 14.85. The firm has a market cap of $878.78 million, a PE ratio of -9.24 and a beta of 1.31.

Alto Neuroscience (NYSE:ANRO - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.73) by $0.08. On average, research analysts predict that Alto Neuroscience, Inc. will post -2.68 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Nicholas Smith sold 24,056 shares of the firm's stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $25.82, for a total value of $621,125.92. Following the completion of the transaction, the chief financial officer directly owned 24,060 shares of the company's stock, valued at $621,229.20. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alto Neuroscience

A number of large investors have recently modified their holdings of ANRO. Farther Finance Advisors LLC boosted its holdings in Alto Neuroscience by 48,581.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 5,355 shares of the company's stock valued at $137,000 after purchasing an additional 5,344 shares during the period. Wellington Management Group LLP increased its position in shares of Alto Neuroscience by 18.6% during the 2nd quarter. Wellington Management Group LLP now owns 70,913 shares of the company's stock valued at $1,871,000 after purchasing an additional 11,114 shares during the last quarter. AWM Investment Company Inc. purchased a new position in shares of Alto Neuroscience during the second quarter worth approximately $2,111,000. Bank of New York Mellon Corp purchased a new position in Alto Neuroscience in the 2nd quarter worth $2,014,000. Finally, GK Wealth Management LLC purchased a new position in shares of Alto Neuroscience in the second quarter worth about $226,000.

About Alto Neuroscience

Alto Neuroscience, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for patients with psychiatric and neurological disorders. The company seeks to use neuroscience, digital health tools and biological and behavioral biomarkers to identify patient subgroups that may respond to specific treatments.

Alto's pipeline has included investigational therapies for major depressive disorder and other central nervous system conditions. Its development programs are designed to address limitations of conventional psychiatric treatment by matching therapies to patient characteristics and measuring treatment response through objective data.

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