Alto Neuroscience, Inc. (ANRO) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Alto Neuroscience, Inc. $3.67, price $24.80, upside -85.2%, quality 24 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
32‑month range $1.80 – $36.64 · fair‑value band $2.42 – $4.59 · the $24.80 price screens above the $3.67 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Alto Neuroscience, Inc. operates as a clinical-stage biopharmaceutical company in the United States. The company's product pipeline includes ALTO-100, which is in Phase 2b clinical trial for the treatment of patients with bipolar depression (BPD).
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Alto Neuroscience, Inc. operates as a clinical-stage biopharmaceutical company in the United States. The company's product pipeline includes ALTO-100, which is in Phase 2b clinical trial for the treatment of patients with bipolar depression (BPD). It also develops ALTO-300, a small molecule melatonergic agonist and serotonergic antagonist with antidepressant properties, which is in Phase 2b clinical trial to treat patients with major depressive disorder (MDD); ALTO-101, a novel small molecule phosphodiesterase 4 inhibitor that is in Phase 2 proof-of-concept (POC) trial for the treatment of cognitive impairment associated with schizophrenia; ALTO-203, a novel small-molecule histamine H3 receptor inverse agonist, which is in Phase 2 POC trial to treat patients with MDD and higher levels of anhedonia; ALTO-202, an investigational orally bioavailable antagonist of the GluN2B subunit of the NMDA receptor that is in Phase 1 clinical trial for the treatment of MDD; and ALTO-208, a fixed-dose combination of pramipexole and aprepitant, an antiemetic, neurokinin-1 (NK-1) receptor antagonist for patients with Parkinson's disease for patients with Parkinson's disease. The company was incorporated in 2019 and is headquartered in Mountain View, California.
Stock analysis
Alto Neuroscience, Inc. (ANRO) currently trades at $24.80, while our model-based Fair Value estimate is $3.67, 85.2% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the evidence level at low.
Scenario range: $2.42 (bear) to $4.59 (bull), the price of $24.80 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 24/100 (below-average quality), in the Healthcare sector.
Weak Growth: Revenue growth is weak, negative or inconsistent.
Alto Neuroscience, Inc. reported revenue of $0 in FY2025 versus $210K in FY2021. Reported net income was −$63.2M in FY2025.
Key figures
Market cap $1.3B · EPS (TTM) $−2.32 · Return on equity −49.2% · Return on assets (EBIT) −43.5% · Free cash flow −$51.8M · Net cash $172M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 32% below its 52-week high and 462% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −85%, ANRO screens richer than that median.
Fair Value models
Bear $2.42Fair Value $3.67Bull $4.59
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.0/100
Revenue growth is weak, negative or inconsistent.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Compare Alto Neuroscience, Inc. with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 629 stocks
Beats the industry median on 2/7 measures
Overall it trails its industry peers.
Valuation
Quality Score32 · Bottom 25%
Fair Value upside−85.5% · Bottom 25%
Profitability
Return on assets−26.8% · Below median
Operating margin (TTM)0.0% · Above median
Growth and dividend
Revenue growth0.0% · Above median
Balance sheet
Debt / equity0.12× · Above median
Valuation Multiplesvs Biotechnology median · lower = cheaper
P/B8.31× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 0
PAST (return on equity)0· sector 0
HEALTH (low debt)94· sector 97
DIVIDEND (yield)0· sector 22
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Alto Neuroscience, Inc. Fair Value". https://www.fairvalue-calculator.com/stock/ANRO
Frequently asked questions
Is Alto Neuroscience, Inc. (ANRO) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $3.67 versus a price of $24.80, about −85% upside (overvalued).
What is the fair value of ANRO?
Our model-based fair value for Alto Neuroscience, Inc. is $3.67 (as of Sep 24, 2026), built from audited fundamentals. The current price: $24.80.
What is the quality score of ANRO?
Alto Neuroscience, Inc. has a Quality Score of 24/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Alto Neuroscience, Inc. (ANRO)?
Our model-based price target is the fair value of $3.67 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario $2.42, optimistic scenario $4.59. It is a calculation from audited fundamentals, not an analyst target.
What is the Alto Neuroscience, Inc. stock forecast for 2026?
Our models put fair value at $3.67, about −85% upside versus a price of $24.80 (overvalued). Cautious scenario $2.42, optimistic scenario $4.59. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Alto Neuroscience, Inc. (ANRO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Alto Neuroscience, Inc. it is $3.67 per share (as of Sep 24, 2026), against a price of $24.80. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Alto Neuroscience, Inc. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ANRO trades above its calculated fair value: price $24.80, fair value $3.67, a gap of about −85% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ANRO?
No. The price is what the market pays today ($24.80); the fair value is what the company's own numbers justify ($3.67). For Alto Neuroscience, Inc. the two are $21.13 per share apart. That gap is exactly why we show both numbers side by side.
How much is Alto Neuroscience, Inc. worth?
The market values Alto Neuroscience, Inc. at about $1.3B (market capitalisation, as of Sep 24, 2026). Per share that is $24.80; our models calculate a fair value of $3.67 per share.
What do the bullish and bearish scenarios say about ANRO?
Our models span a range for Alto Neuroscience, Inc.: cautious scenario $2.42, base $3.67, optimistic $4.59 per share (as of Sep 24, 2026, price $24.80). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Alto Neuroscience, Inc. (ANRO)?
Balance-sheet figures for Alto Neuroscience, Inc. (as of Sep 24, 2026): return on equity −49.2%, debt of 0.12 per unit of equity. They feed the Quality Score of 24/100, which measures business quality independently of the share price.
How far is ANRO from its 52-week high?
Alto Neuroscience, Inc. trades at $24.80, about 32% below its 52-week high of $36.64 and 462% above the low of $4.41 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $3.67 is for.
Which stocks are comparable to Alto Neuroscience, Inc.?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, CSL Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Alto Neuroscience, Inc. stock attractive at the current price?
The data as of Sep 24, 2026: price $24.80, calculated fair value $3.67 (−85%), Quality Score 24/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ANRO calculated?
We run Alto Neuroscience, Inc. through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $3.67, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Alto Neuroscience, Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Alto Neuroscience, Inc. (ANRO)?
The closing price on Oct 2, 2026 was $24.80. Our model-based fair value is $3.67, about −85% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Alto Neuroscience, Inc. right now?
The price sits above even our optimistic bull case ($4.59). The favourable scenario is already priced in. Weak quality (24/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($2.42 to $4.59) leaves room in how you read the outcome.
Key figures of Alto Neuroscience, Inc.
How large is the market capitalisation of Alto Neuroscience, Inc. (ANRO)?
The market capitalisation of Alto Neuroscience, Inc. is $1.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Alto Neuroscience, Inc. (ANRO)?
Earnings per share at Alto Neuroscience, Inc. are $−2.32. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Alto Neuroscience, Inc. (ANRO)?
The return on equity (ROE) of Alto Neuroscience, Inc. is −49.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Alto Neuroscience, Inc. (ANRO)?
On an EBIT basis the return on assets of Alto Neuroscience, Inc. is −43.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much free cash flow does Alto Neuroscience, Inc. (ANRO) generate?
The free cash flow of Alto Neuroscience, Inc. is −$51.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Alto Neuroscience, Inc. (ANRO) hold?
Alto Neuroscience, Inc. holds more cash than debt, $172M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Sep 24, 2026