ANRO
Alto Neuroscience, Inc.Healthcare·Biotechnology
$20.07
$704M market cap
Revenue
$0.0M
Free Cash Flow
$-39.2M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Alto Neuroscience, Inc. operates as a clinical-stage biopharmaceutical company that engages in the psychiatry drug development business. The company develops ALTO-100 for the treatment of patients with major depressive disorder (MDD) and post-traumatic stress disorder; ALTO-300, a small molecule melatonergic agonist and serotonergic antagonist with antidepressant properties to treat patients with MDD; and ALTO-101, a novel small molecule phosphodiesterase 4 inhibitor for the treatment of cogniti
2-Year Price History
$21.22+77.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -27.0 | -27.1 | -26.2 | -27.1 | -27.7 | -0.6 | 263.8 | 5.7 | 32.9 | -74.2% | -49.5x | -- |
| Act | 2025-Q4 | 0.0 | -15.5 | 115.7 | -16.2 | -11.5 | -11.5 | -0.0 | 176.5 | 24.0 | 31.9 | 633.2% | -26.9x | -- |
Valuation & Metrics
Market Stats
Price$20.07
Market Cap$704M
Enterprise Value$446M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-5.6%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$-42.4M
Free Cash Flow$-39.2M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC279.5%
WC Change % Rev0.0%
Interest Coverage-37.9x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares1.6M
Days to Cover6.1
Change (vs Prior)-27.6%
Need at least 2 settlement dates for chart
Employees
Headcount76
Revenue / Employee$0
Gross Profit / Employee$-2,421
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
70.4%(+65.6% YoY)
96 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
9.2%(+8.0% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.8%(+0.8% YoY)
5 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Falcon Edge Capital LP | $83.4M | $15.35 | +$0 | +$0 | +0.8% | $791M |
| Commodore Capital LP | $61.2M | $19.35 | +$20.2M | +$61.2M | -0.2% | $1.73B |
| Vestal Point Capital, LP | $46.4M | $14.75 | −$9.5M | +$25.8M | -0.1% | $3.58B |
| PERCEPTIVE ADVISORS LLC | $45.2M | $17.26 | +$5.1M | +$45.2M | -1.4% | $5.05B |
| Spruce Street Capital LP | $29.1M | $21.69 | +$24.8M | +$29.1M | +54.0% | $416M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $27.1M | $22.48 | +$27.1M | +$27.1M | — | $4.04T |
| FRANKLIN RESOURCES INC | $24.8M | $13.44 | −$398K | −$1.4M | -0.2% | $403.03B |
| Vivo Capital, LLC | $23.3M | $17.80 | +$0 | +$23.3M | -7.0% | $1.20B |
| ARMISTICE CAPITAL, LLC | $20.5M | $3.00 | −$14.0M | −$15.5M | -11.3% | $3.03B |
| MILLENNIUM MANAGEMENT LLC | $18.5M | $13.43 | +$4.3M | +$18.1M | -0.5% | $127.40B |
| 72 Investment Holdings, LLC | $15.0M | $15.35 | +$0 | +$0 | -17.0% | $49.6M |
| BlackRock, Inc.Passive | $15.0M | $12.52 | +$1.3M | −$17.8M | -0.2% | $5.69T |
| Ikarian Capital, LLC | $11.6M | $11.51 | +$0 | +$7.6M | -8.9% | $698M |
| Point72 Asset Management, L.P. | $11.3M | $11.51 | −$24.8M | −$16.6M | +0.9% | $54.88B |
| Affinity Asset Advisors, LLC | $11.2M | $22.48 | +$11.2M | +$11.2M | +0.5% | $1.60B |
| Integral Health Asset Management, LLC | $11.2M | $8.18 | +$2.8M | +$2.2M | -0.5% | $1.64B |
| VR Adviser, LLC | $11.2M | $22.48 | +$11.2M | +$11.2M | -1.9% | $2.68B |
| DRIEHAUS CAPITAL MANAGEMENT LLC | $10.9M | $19.24 | +$3.4M | +$10.9M | +0.3% | $13.60B |
| NORTHERN TRUST CORPPassive | $10.6M | $6.98 | −$22K | −$2.6M | -0.2% | $755.34B |
| JENNISON ASSOCIATES LLC | $8.7M | $13.59 | −$10.0M | +$8.7M | +2.7% | $145.31B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
+1.46%
avg per quarter
Holders (ex-self)
+1.47%
excl. this stock
Buyers (this Q)
+9.14%
43 buyers · $0.18B in
Sellers (this Q)
-2.46%
50 sellers · $0.02B out
alpha coverage: 95% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-17.9%
how holders react when this stock falls
On quiet Qs
-5.9%
−10% to +10% baseline
On rallies (+10%+)
-9.2%
how they react when this stock rises
Holders' portfolio flow this Q
-2.6%
outflows — trims may be forced
Sellers' portfolio flow this Q
-16.0%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-0.0%
Holder mid (any stock)
-3.2%
Holder rally (any stock)
-6.0%
Biggest decreases this quarter
Point72 Asset Management, L.P.−$24.8Mα+0.9ARMISTICE CAPITAL, LLC−$14.0Mα-11.3NORTHWESTERN MUTUAL WEALTH MANAGEMENT COexited−$10.7MJENNISON ASSOCIATES LLC−$10.0Mα+2.7Vestal Point Capital, LP−$9.5Mα-0.1ALKEON CAPITAL MANAGEMENT LLC−$5.6Mα+1.1Peapod Lane Capital LLCexited−$4.5MArtia Global Partners LPexited−$520KCITIZENS FINANCIAL GROUP INC/RIexited−$502KFRANKLIN RESOURCES INC−$398Kα-0.2
New buyers this quarter
Top-5 holders · 44.0%
Falcon Edge Capital LP--
Commodore Capital LP--
Vestal Point Capital, LP--
PERCEPTIVE ADVISORS LLC--
Spruce Street Capital LP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Falcon Edge Capital LP3.7MCommodore Capital LP2.7MVestal Point Capital, LP2.1MPERCEPTIVE ADVISORS LLC2.0MFMR LLC6KSpruce Street Capital LP1.3MPoint72 Asset Management, L.P.503KARMISTICE CAPITAL, LLC912KFRANKLIN RESOURCES INC1.1MRA CAPITAL MANAGEMENT, L.P.—
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Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (3 analysts)$31.675780.0%
Last Year (5 analysts)$27.803850.0%
Current Price$20.07
Analyst Ratings
7
1
Buy: 7Hold: 1Consensus: Buy
Corporate
Order Flow (FINRA, ~3w lag)
15.9%retail+1.0pp
34.4%dark-3.9pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Alto Neuroscience: Repricing the Future While Navigating Litigation and Toxic Debt
Overall Risk
8/10
Fraud
4/10
Dilution
9/10
Insolvency
5/10
Earnings Overstated
2/10
Hidden Liabilities
6/10
Legal
8/10
Audit Warnings
3/10
Hidden Upside
6/10
Contextually Acceptable
3/10