Alto Neuroscience (NYSE:ANRO) Shares Gap Up Following Analyst Upgrade

Key Points

• Alto Neuroscience shares jumped 10.5%, opening at $23.23 after HC Wainwright raised its price target from $55 to $60 and maintained a Buy rating.
• Analyst sentiment is broadly positive, with eight Buy, two Hold, and one Sell rating; the consensus rating is “Moderate Buy” with a $37.88 average price target.
• Institutional investors increased their stakes, while CFO Nicholas Smith sold 24,056 shares worth approximately $621,000, reducing his ownership by 50%.

Alto Neuroscience, Inc. (NYSE:ANRO - Get Free Report) shares gapped up prior to trading on Tuesday after HC Wainwright raised their price target on the stock from $55.00 to $60.00. The stock had previously closed at $21.94, but opened at $23.23. HC Wainwright currently has a buy rating on the stock. Alto Neuroscience shares last traded at $24.19, with a volume of 6,539 shares traded.

A number of other research firms also recently issued reports on ANRO. Wall Street Zen downgraded Alto Neuroscience from a "hold" rating to a "sell" rating in a research note on Saturday, September 12th. Wedbush increased their price objective on Alto Neuroscience from $24.00 to $26.00 and gave the stock a "neutral" rating in a research note on Thursday, August 13th. BTIG Research increased their price objective on Alto Neuroscience from $28.00 to $37.00 and gave the stock a "buy" rating in a research note on Thursday, August 13th. Weiss Ratings restated a "sell (d-)" rating on shares of Alto Neuroscience in a report on Wednesday, July 29th. Finally, Zacks Research raised Alto Neuroscience from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 20th. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Alto Neuroscience currently has an average rating of "Moderate Buy" and a consensus price target of $37.88.

Insider Activity

In other news, CFO Nicholas Smith sold 24,056 shares of the stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $25.82, for a total value of $621,125.92. Following the completion of the sale, the chief financial officer owned 24,060 shares in the company, valued at $621,229.20. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Commodore Capital LP grew its holdings in shares of Alto Neuroscience by 49.4% in the first quarter. Commodore Capital LP now owns 2,723,196 shares of the company's stock valued at $61,217,000 after acquiring an additional 900,000 shares in the last quarter. Perceptive Advisors LLC increased its position in shares of Alto Neuroscience by 12.6% during the first quarter. Perceptive Advisors LLC now owns 2,009,893 shares of the company's stock valued at $45,182,000 after acquiring an additional 225,500 shares during the last quarter. Spruce Street Capital LP increased its position in shares of Alto Neuroscience by 494.7% during the first quarter. Spruce Street Capital LP now owns 1,325,210 shares of the company's stock valued at $29,116,000 after acquiring an additional 1,102,366 shares during the last quarter. Affinity Asset Advisors LLC purchased a new stake in shares of Alto Neuroscience during the first quarter valued at approximately $11,240,000. Finally, Jennison Associates LLC bought a new stake in Alto Neuroscience during the first quarter worth $8,687,000.

Alto Neuroscience Stock Up 10.5%

The stock has a fifty day moving average of $30.06 and a 200 day moving average of $26.31. The firm has a market capitalization of $950.98 million, a P/E ratio of -10.01 and a beta of 1.31. The company has a debt-to-equity ratio of 0.07, a current ratio of 14.85 and a quick ratio of 14.85.

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

Alto Neuroscience Company Profile

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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