Wedbush bullish on Alto Neuroscience, initiates with an Outperform

As previously reported, Wedbush initiated coverage of Alto Neuroscience with an Outperform rating and $29 price target. The firm believes Alto is “exactly what we’ve been looking for in CNS.” Wedbush’s current estimates assign credit for ALTO-100 and ALTO-101, and leave the rest of Alto’s pipeline as upside. Additionally, the firm sees favorable risk/reward for the shares ahead of ALTO-100 data in October. Wedbush believes upside beyond its $29 target can be unlocked with successful pipeline readouts and beyond ALTO-100 Phase 2b data, the company holds at least three additional clinical readouts over the next 12 months.