Alto Neuroscience initiated with a Buy at Stifel

Stifel initiated coverage of Alto Neuroscience with a Buy rating and $32 price target. Alto is a biotechnology company leveraging a “precision psychiatry” approach in the development of various early- to mid-stage central nervous system drug candidates, the analyst tells investors in a research note. The firm each of the company’s assets offer a credible shot-on-goal on the back of promising initial data with a “highly upside biased stock risk/reward” into the second half of 2024 and 2025 data readouts.