TD Cowen initiated coverage of Alto Neuroscience with an Outperform rating. Alto is developing precision neuropsychiatry therapies for major depressive disorder, or MDD, post-traumatic stress disorder, or PTSD, and schizophrenia, notes the analyst, who thinks the “most current investment value” resides in the lead Phase 2b assets, ALTO-100 and ALTO-300, for MDD patients characterized by poor cognition and a proprietary EEG biomarker, respectively. Phase 2b data for the two are due in the second half of 2024 and first half of 2025, respectively, noted the analyst.
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