ANRO Stock Falls After Hours On Failed Schizophrenia Study Results

• Alto will now focus on its other programs including ALTO-207 in development for treatment -resistant depression.
• The company said that it also intends to explore partnering opportunities for a modified-release oral formulation of ALTO-101 that it has developed.

Shares of Alto Neuroscience, Inc. (ANRO) fell as much as 10% after hours on Wednesday after the company said that its experimental drug for the treatment of schizophrenia failed to achieve statistical significance on key goals in a mid-stage study.

The company was studying ALTO-101 for the treatment of cognitive impairment associated with schizophrenia. However, no statistically significant changes were detected on primary electroencephalography or cognitive endpoints as compared to placebo, the company said.

Plans Ahead

As a result, the company does not intend to independently advance ALTO-101 in CIAS anymore, it said, while adding that it would now focus on its other programs including ALTO-207 in development for treatment -resistant depression. Alto is looking to initiate a mid-stage trial for  ALTO-207 in the first half of 2026.  

The company said that it now intends to explore partnering opportunities for a modified-release oral formulation of ALTO-101 that it has developed. The formulation has demonstrated an improved pharmacokinetic and tolerability profile when compared to the immediate-release formulation, Alto said, while adding that it believes the formulation may offer potential benefits across several therapeutic areas.

How Did Retail Traders React?

On Stocktwits, retail sentiment around ANRO  stayed within the ‘bearish’ territory over the past 24 hours, while message volume rose from ‘normal’ to ‘high’ levels.

A Stocktwits user noted the company’s balance sheet, terming it an “easy short.”

The company said earlier this month that it had cash, cash equivalents, and restricted cash of approximately $177 million as of the end of 2025, expected to support its planned operations into 2028.

Another user termed the selloff an “overreaction.”

ANRO stock has gained 32% this year. 

Read More: Why Did AGPU Stock Rise 120% Today?

For updates and corrections, email newsroom[at]stocktwits[dot]com.