Stifel analyst Paul Matteis reiterated a Buy rating and $33.00 price target on Alto Neuroscience (NYSE: ANRO)

The analyst commented, "We remain Buy rated on ANRO following their 4Q25 earnings, which was an in-line report. Most importantly for the stock, ANRO remains on track to initiate the ph2b TRD study for ALTO-207 (pramiprexole+ondansetron) in 1H26--in our view, '207 is ANRO's most compelling asset given the strength of the data for pramipexole for depression, the successful examples of two drug combos in neuropsych (Auvelity, KarXT), and the accelerated development timelines, with a ph3 expected to initiate in early 2027. Meanwhile, ALTO-300/agomelatine is on track for ph2b data in MDD in mid-2026--ANRO should have a realistic chance at success here due to the established efficacy of agomelatine in depression, following an interim last year. Meanwhile, ALTO-101 data in CIAS are expected around the end of 1Q26--it's a signal-seeking biomarker study, so expectations are relatively low. Notably, a PIPE announced today further extends cash runway."

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Shares of Alto Neuroscience closed at $24.29 yesterday.