Alto Neuroscience (NYSE:ANRO) Shares Gap Up - Here's Why

Key Points

• Alto Neuroscience shares jumped 15.4%, opening at $25.82 versus a prior close of $21.87 and later trading near $26.95.
• Analyst sentiment is mixed but leans positive: eight analysts rate the stock Buy, two Hold and one Sell, for a consensus “Moderate Buy” and an average price target of $37.88.
• The company reported a quarterly loss of $0.65 per share, better than the $0.73 loss analysts expected. Separately, CFO Nicholas Smith sold 110,830 shares, reducing his stake by about 82%.

Alto Neuroscience, Inc. (NYSE:ANRO - Get Free Report) gapped up before the market opened on Monday. The stock had previously closed at $21.87, but opened at $25.82. Alto Neuroscience shares last traded at $26.9530, with a volume of 73,040 shares traded.

Analyst Ratings Changes

ANRO has been the topic of several recent analyst reports. BTIG Research increased their target price 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. Zacks Research raised shares of Alto Neuroscience from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 20th. Wall Street Zen downgraded shares of Alto Neuroscience from a "hold" rating to a "sell" rating in a report on Saturday, September 12th. Wedbush increased their price objective on shares of Alto Neuroscience from $24.00 to $26.00 and gave the stock a "neutral" rating in a research report on Thursday, August 13th. Finally, HC Wainwright raised their price objective on shares of Alto Neuroscience from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Monday, October 19th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $37.88.

Alto Neuroscience Stock Up 15.4%

The company has a 50-day simple moving average of $26.99 and a 200 day simple moving average of $24.32. The company has a market cap of $1.14 billion, a P/E ratio of -12.21 and a beta of 1.42. The company has a current ratio of 14.85, a quick ratio of 14.85 and a debt-to-equity ratio of 0.07.

Alto Neuroscience (NYSE:ANRO - Get Free Report) last released its earnings results 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, equities analysts anticipate that Alto Neuroscience, Inc. will post -2.69 EPS for the current year.

Insider Buying and Selling

In related news, CFO Nicholas Smith sold 110,830 shares of Alto Neuroscience stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $26.58, for a total transaction of $2,945,861.40. Following the completion of the sale, the chief financial officer owned 24,060 shares in the company, valued at $639,514.80. This trade represents a 82.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 11.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alto Neuroscience

A number of institutional investors have recently modified their holdings of ANRO. Alps Advisors Inc. lifted its position in shares of Alto Neuroscience by 45.9% in the 3rd quarter. Alps Advisors Inc. now owns 51,971 shares of the company's stock worth $1,327,000 after purchasing an additional 16,358 shares during the period. Profund Advisors LLC grew its stake in Alto Neuroscience by 379.1% during the 3rd quarter. Profund Advisors LLC now owns 37,885 shares of the company's stock worth $967,000 after buying an additional 29,977 shares during the last quarter. Sterling Capital Management LLC grew its stake in shares of Alto Neuroscience by 1,045.7% during the third quarter. Sterling Capital Management LLC now owns 1,054 shares of the company's stock worth $27,000 after acquiring an additional 962 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Alto Neuroscience by 48,581.8% in the third quarter. Farther Finance Advisors LLC now owns 5,355 shares of the company's stock worth $137,000 after buying an additional 5,344 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Alto Neuroscience by 18.6% in the 2nd quarter. Wellington Management Group LLP now owns 70,913 shares of the company's stock valued at $1,871,000 after acquiring an additional 11,114 shares during the period.

About Alto Neuroscience

Alto Neuroscience, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for patients with psychiatric and central nervous system disorders. The company combines neuroscience research, clinical data and biomarker-based approaches to identify patients who may be more likely to respond to specific treatments.

Alto Neuroscience's investigational pipeline includes therapies intended to address conditions such as major depressive disorder, bipolar depression, schizophrenia and associated cognitive impairment.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.