Alto Neuroscience (ANRO)
Market Price (8/24/2026): $34.24 | Market Cap: $1.5 BilSector: Health Care | Industry: Biotechnology
Alto Neuroscience (ANRO)
Market Price (8/24/2026): $34.24Market Cap: $1.5 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15% Megatrend and thematic driversMegatrends include Precision Medicine, and Digital Health & Telemedicine. Themes include Personalized Diagnostics, Targeted Therapies, Show more. | Trading close to highsDist 52W High is -1.7%, Dist 3Y High is -1.7% Weak multi-year price returns3Y Excs Rtn is -8.6% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -88 Mil Stock price has recently run up significantly12M Rtn12 month market price return is 779% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -10% High stock price volatilityVol 12M is 128% Key risksANRO key risks include [1] critical pipeline dependence following the recent clinical trial failure of its lead drug candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Digital Health & Telemedicine. Themes include Personalized Diagnostics, Targeted Therapies, Show more. |
| Trading close to highsDist 52W High is -1.7%, Dist 3Y High is -1.7% |
| Weak multi-year price returns3Y Excs Rtn is -8.6% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -88 Mil |
| Stock price has recently run up significantly12M Rtn12 month market price return is 779% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -10% |
| High stock price volatilityVol 12M is 128% |
| Key risksANRO key risks include [1] critical pipeline dependence following the recent clinical trial failure of its lead drug candidate, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Alto Neuroscience (ANRO) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. Alto Neuroscience reported stronger-than-expected financial results for its fiscal Q2 2026, which ended June 30, 2026. The company announced an earnings per share (EPS) of -$0.65 on August 12, 2026, surpassing analysts' consensus estimates of -$0.73 by $0.08.
2. The company advanced its lead drug candidate, ALTO-207, by expanding its development plan and presenting positive supporting data. In August 2026, Alto announced plans for an additional Phase 3 monotherapy trial for ALTO-207 in treatment-resistant depression (TRD), alongside its ongoing Phase 2b trial. This expansion was bolstered by the June 2026 publication of an independent study in Nature Medicine, which reinforced ALTO-207's dopaminergic mechanism and demonstrated significant effects on anhedonia (Hedges' g=0.62, p=0.006).
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Alto Neuroscience (ANRO) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. Alto Neuroscience reported stronger-than-expected financial results for its fiscal Q2 2026, which ended June 30, 2026. The company announced an earnings per share (EPS) of -$0.65 on August 12, 2026, surpassing analysts' consensus estimates of -$0.73 by $0.08.
2. The company advanced its lead drug candidate, ALTO-207, by expanding its development plan and presenting positive supporting data. In August 2026, Alto announced plans for an additional Phase 3 monotherapy trial for ALTO-207 in treatment-resistant depression (TRD), alongside its ongoing Phase 2b trial. This expansion was bolstered by the June 2026 publication of an independent study in Nature Medicine, which reinforced ALTO-207's dopaminergic mechanism and demonstrated significant effects on anhedonia (Hedges' g=0.62, p=0.006).
3. Alto Neuroscience strengthened its financial position with a significant capital raise. In July 2026, the company completed an underwritten registered direct offering, securing approximately $100 million in gross proceeds (net proceeds of approximately $94.6 million). This financing is expected to extend the company's cash runway through 2030, supporting the accelerated clinical development of ALTO-207 and other pipeline programs.
4. Analyst sentiment turned increasingly positive, accompanied by notable index inclusion. Several financial analysts upgraded their price targets, with HC Wainwright raising its target from $50 to $55 in August 2026 while maintaining a "Buy" rating. BTIG also increased its price target from $28 to $37 in August 2026. Furthermore, Alto Neuroscience was added to the Russell 2000 and Russell 3000 Indexes, effective June 29, 2026, which can enhance the stock's visibility and liquidity.
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Stock Movement Drivers
Fundamental Drivers
The 33.6% change in ANRO stock from 4/30/2026 to 8/23/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.66 | 34.28 | 33.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 34 | 43 | -20.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| ANRO | 33.6% | |
| Market (SPY) | 6.5% | 24.0% |
| Sector (XLV) | 19.6% | 17.9% |
Fundamental Drivers
The 121.4% change in ANRO stock from 1/31/2026 to 8/23/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.48 | 34.28 | 121.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 27 | 43 | -36.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| ANRO | 121.4% | |
| Market (SPY) | 11.0% | 31.4% |
| Sector (XLV) | 13.3% | 25.6% |
Fundamental Drivers
The 1016.6% change in ANRO stock from 7/31/2025 to 8/23/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.07 | 34.28 | 1016.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 27 | 43 | -36.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| ANRO | 1016.6% | |
| Market (SPY) | 22.2% | 22.5% |
| Sector (XLV) | 35.6% | 20.1% |
Fundamental Drivers
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Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| ANRO | ||
| Market (SPY) | 73.2% | 16.1% |
| Sector (XLV) | 36.3% | 18.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ANRO Return | - | - | - | -80% | 321% | 92% | 65% |
| Peers Return | -51% | -25% | 17% | 17% | 238% | 5% | 80% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| ANRO Win Rate | - | - | - | 36% | 67% | 75% | |
| Peers Win Rate | 44% | 46% | 55% | 43% | 57% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ANRO Max Drawdown | - | - | - | - | -63% | -34% | |
| Peers Max Drawdown | -70% | -73% | -53% | -56% | -57% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AXSM, ACAD, NMRA, PRAX, RLMD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | ANRO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -43.8% | -18.8% |
| % Gain to Breakeven | 77.8% | 23.1% |
| Time to Breakeven | 136 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -34.7% | -7.8% |
| % Gain to Breakeven | 53.0% | 8.5% |
| Time to Breakeven | 18 days | 18 days |
In The Past
Alto Neuroscience's stock fell -43.7% during the 2025 US Tariff Shock. Such a loss loss requires a 77.8% gain to breakeven.
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Asset Allocation
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| Event | ANRO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -43.8% | -18.8% |
| % Gain to Breakeven | 77.8% | 23.1% |
| Time to Breakeven | 136 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -34.7% | -7.8% |
| % Gain to Breakeven | 53.0% | 8.5% |
| Time to Breakeven | 18 days | 18 days |
In The Past
Alto Neuroscience's stock fell -43.7% during the 2025 US Tariff Shock. Such a loss loss requires a 77.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Alto Neuroscience (ANRO)
Alto Neuroscience (ANRO) is a clinical-stage biopharmaceutical company dedicated to transforming psychiatry through a personalized, neurobiology-driven approach. The company utilizes its proprietary "Precision Psychiatry Platform" to identify specific brain-based biomarkers in patients. This platform integrates data from neurocognitive assessments, electroencephalography (EEG), and wearable devices to deeply understand brain function. The core aim is to match patients more effectively to novel treatment options, thereby helping them avoid the lengthy and often frustrating trial-and-error process currently standard in central nervous system (CNS) disorders, ultimately improving patient outcomes and the success rate of drug development.
The company's pipeline includes five clinical-stage product candidates, with initial focuses on Major Depressive Disorder (MDD) and schizophrenia. Their most advanced programs are ALTO-100 and ALTO-300, both in late-stage Phase 2b trials for MDD in biomarker-characterized patient populations; ALTO-100 targets patients with a cognitive biomarker, while ALTO-300 focuses on those with an EEG biomarker. Additionally, Alto Neuroscience is advancing ALTO-101 for cognitive impairment associated with schizophrenia and ALTO-203 for MDD with higher levels of anhedonia, with further candidates in development. These product candidates are designed to address significant unmet needs in mental health where current treatments often lack broad efficacy.
Alto Neuroscience targets the vast global market of individuals suffering from severe mental health conditions, particularly MDD and schizophrenia, which represent major causes of disability. By focusing on precision medicine and biomarker-guided therapies, the company aims to provide more effective and tailored treatments than the traditional, untargeted approaches prevalent today. This innovative strategy seeks to offer patients quicker access to effective care, potentially reducing the substantial societal and economic burdens associated with psychiatric disorders and unsuccessful treatment attempts.
AI Analysis | Feedback
Here are a few analogies to describe Alto Neuroscience:
- Genentech for brain disorders. (Bringing precision medicine and targeted therapies to mental health, similar to how Genentech pioneered targeted oncology treatments.)
- Foundation Medicine for mental health treatments. (Using objective brain biomarkers like EEG and cognitive assessments to identify specific patient populations and match them to the right psychiatric drugs, much like Foundation Medicine uses genomic profiling to guide cancer therapies.)
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- ALTO-100: A clinical-stage product candidate targeting major depressive disorder (MDD) in patients characterized by a cognitive biomarker.
- ALTO-300: A clinical-stage product candidate targeting major depressive disorder (MDD) in patients characterized by an electroencephalography (EEG) biomarker.
- ALTO-101: A clinical-stage product candidate being developed for patients with cognitive impairment associated with schizophrenia (CIAS).
- ALTO-203: A clinical-stage product candidate being developed for patients with major depressive disorder (MDD) and higher levels of anhedonia.
- ALTO-202: A novel, oral N-methyl-D-aspartate (NMDA) receptor antagonist planned for the treatment of patients with major depressive disorder (MDD).
AI Analysis | Feedback
Alto Neuroscience (ANRO) is a clinical-stage biopharmaceutical company focused on the development of novel treatment options for psychiatric disorders such as major depressive disorder (MDD) and schizophrenia. As a clinical-stage company, Alto Neuroscience is currently engaged in research and development, conducting clinical trials for its product candidates (e.g., ALTO-100, ALTO-300).
At its current stage, Alto Neuroscience does not have major customers, as it is not yet selling approved products or services. The company's primary focus is on advancing its drug candidates through clinical development and obtaining regulatory approvals.
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Amit Etkin, MD, PhD - Founder, President, Chief Executive Officer, and Chairman of the Board
Dr. Amit Etkin founded Alto Neuroscience in 2019. Before establishing Alto, he served for over a decade as a tenured professor of psychiatry and behavioral sciences at Stanford University, where he directed a prominent laboratory. A trained psychiatrist and neuroscientist, Dr. Etkin received the highly competitive NIH Director's Pioneer Award, the first of its kind in clinical psychiatry. His entrepreneurial achievements were also recognized with an EY (Entrepreneur of the Year) award.
Nicholas Smith - Chief Financial Officer and Chief Business Officer
Nicholas Smith serves as Alto Neuroscience's Chief Financial Officer and Chief Business Officer. He joined the company as Director of Finance/CFO in October 2022.
Michael Hanley - Chief Operating Officer
Michael Hanley is the Chief Operating Officer at Alto Neuroscience, having taken on this role in 2024. Prior to joining Alto, he was the Chief Business Officer at Spyre Therapeutics, Inc. from 2022 to 2023 and also held a position at Horizon Therapeutics Ltd. (Ireland).
Erin R. McQuade - General Counsel and Chief Administrative Officer
Erin R. McQuade holds the titles of General Counsel and Chief Administrative Officer at Alto Neuroscience. She is also a co-founder of the company. Her background includes legal and administrative roles at various companies, such as SPSS, Inc., Assertio Therapeutics, Inc., Mead Johnson Nutrition Co., Hyatt Hotels Corp., and Levo Therapeutics, Inc.
Adam Savitz, MD, PhD - Chief Medical Officer
Dr. Adam Savitz is Alto Neuroscience's Chief Medical Officer, a position he assumed in 2021. Before joining Alto, he was the Senior Director of Clinical Research at Janssen Research & Development LLC from 2017 to 2021.
AI Analysis | Feedback
The key risks to Alto Neuroscience's business are:
- The unproven nature of its novel Precision Psychiatry Platform and biomarker-driven approach for regulatory approval. The company explicitly states, "Our Platform is unproven and clinical evidence to support our approach is preliminary and limited at this time, and, as such, there can be no guarantee that our approach will result in an increased rate of approval for our therapeutic candidates."
- The inherent risk of clinical trial failure for its novel product candidates. As a clinical-stage biopharmaceutical company, the success and commercial viability of Alto Neuroscience depend entirely on its drug candidates, such as ALTO-100 and ALTO-300, successfully completing ongoing and future clinical trials, demonstrating efficacy in biomarker-characterized populations, and receiving regulatory approvals.
- The anticipated requirement to develop and obtain FDA approval for companion diagnostics alongside its product candidates. This adds a significant layer of complexity, cost, and regulatory uncertainty to the development and commercialization pathway for drugs utilizing their biomarker modalities.
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- For Major Depressive Disorder (MDD), specifically the patient population characterized by Alto's cognitive or electroencephalography (EEG) biomarkers (targeted by ALTO-100 and ALTO-300), the estimated market size is approximately 15.75 million adults in the United States. This is based on an estimated 21 million adults in the U.S. experiencing at least one major depressive episode in 2021, and Alto's estimate that three-quarters of this population are characterized by one or both of their independent biomarkers.
- For schizophrenia, specifically cognitive impairment associated with schizophrenia (CIAS), which is targeted by ALTO-101, the overall market size for schizophrenia affects approximately 2.8 million adults in the United States as of 2020. While a specific sub-population size for CIAS is not provided, the company notes that CIAS is a core feature of schizophrenia that "severely impacts daily functioning and quality of life for millions of patients" and that there are currently no approved treatments for CIAS.
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Expected Drivers of Future Revenue Growth for Alto Neuroscience (ANRO)
- Successful Clinical Trial Outcomes and Regulatory Progress for Lead Candidates: The successful completion and positive topline data from the ongoing Phase 2b trials for ALTO-100 (expected in the second half of 2024) and ALTO-300 (expected in the first half of 2025) are critical. Positive results would significantly de-risk these lead assets, paving the way for further clinical development, regulatory submissions, and eventual market entry, which are fundamental for generating future product sales revenue.
- Expansion and Successful Progression of the Clinical Pipeline: The initiation of Phase 2 proof-of-concept (POC) trials for ALTO-101 (for patients with cognitive impairment associated with schizophrenia) and ALTO-203 (for patients with MDD and higher levels of anhedonia) in the first half of 2024, with topline data expected in 2025 and the first half of 2025 respectively, along with the planned development of ALTO-202, contributes to a broader portfolio of potential revenue-generating products. Positive outcomes in these trials would increase the likelihood of multiple future revenue streams.
- Formation of Strategic Partnerships and Licensing Agreements: As a clinical-stage biopharmaceutical company, securing strategic partnerships or licensing agreements for its product candidates (especially after achieving positive clinical milestones) would be a significant driver of revenue growth. These agreements can provide upfront payments, milestone payments, and potential future royalties, directly contributing to the company's financial profile within the 2-3 year timeframe.
- Development and Potential Commercialization of Companion Diagnostics: Alto Neuroscience anticipates the need to develop and obtain FDA approval for companion diagnostics for some of its product candidates, specifically mentioning discussions for ALTO-100 and ALTO-300. The successful development and eventual commercialization of these diagnostics could represent a distinct revenue stream, either through direct sales or associated licensing, alongside the sales of the therapeutic products.
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Peer Outperformance in Biotechnology
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 9.5% | 82.4% | 124.2% | CAH 394% · MCK 340% · COR 184% |
| Health Care Services | 20 | 20.6% | 46.6% | 7.5% | HIMS 337% · RDNT 157% · DGX 80% |
| Managed Health Care | 8 | 29.7% | -3.0% | 0.6% | OSCR 158% · HQY 63% · ELV 14% |
| Health Care Facilities | 24 | 7.9% | -0.8% | -16.4% | THC 286% · NHC 265% · ENSG 123% |
| Health Care Equipment | 51 | -4.5% | -4.5% | -17.6% | POCI 11300% · UFPT 373% · GKOS 260% |
| Health Care Supplies | 12 | 33.9% | -12.1% | -26.0% | LNTH 297% · HAE 78% · MMSI 29% |
| Pharmaceuticals | 63 | 4.5% | 4.1% | -38.2% | LQDA 2499% · INDV 1253% · ETON 1190% |
| Health Care Technology | 21 | -19.9% | -53.0% | -72.5% | SPOK 115% · HSTM -1% · VEEV -23% |
| Life Sciences Tools & Services | 108 | -2.5% | -28.0% | -72.6% | SNWV 1782% · MEDP 245% · ELMD 225% |
| Biotechnology ← | 365 | 7.8% | -24.2% | -78.3% | BRTX 107550% · CELZ 1771% · DNTH 1543% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 31.89 |
| Mkt Cap | 3.3 |
| Rev LTM | 0 |
| Op Inc LTM | -136 |
| FCF LTM | -70 |
| FCF 3Y Avg | -88 |
| CFO LTM | -70 |
| CFO 3Y Avg | -87 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.8% |
| Rev Chg 3Y Avg | 62.1% |
| Rev Chg Q | 31.0% |
| QoQ Delta Rev Chg LTM | 6.8% |
| Op Inc Chg LTM | 1.6% |
| Op Inc Chg 3Y Avg | -9.1% |
| Op Mgn LTM | -8.0% |
| Op Mgn 3Y Avg | -22.7% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 2.5% |
| CFO/Rev 3Y Avg | -8.2% |
| FCF/Rev LTM | -2.4% |
| FCF/Rev 3Y Avg | -11.5% |
Price Behavior
| Market Price | $34.28 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 02/02/2024 | |
| Distance from 52W High | -1.7% | |
| 50 Days | 200 Days | |
| DMA Price | $26.63 | $20.92 |
| DMA Trend | up | up |
| Distance from DMA | 28.7% | 63.9% |
| 3M | 1YR | |
| Volatility | 70.2% | 129.0% |
| Downside Capture | -42.33 | 37.58 |
| Upside Capture | 185.46 | 284.39 |
| Correlation (SPY) | 26.6% | 23.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.89 | 1.42 | 1.18 | 1.72 | 2.24 | -0.04 |
| Up Beta | 4.78 | 3.25 | 2.57 | 3.00 | 3.85 | -0.44 |
| Down Beta | -1.18 | 2.36 | 1.51 | 1.34 | 2.51 | -0.11 |
| Up Capture | 228% | 169% | 72% | 235% | 697% | 100% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 23 | 31 | 68 | 139 | 324 |
| Down Capture | 177% | -42% | 63% | 83% | 33% | 103% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 20 | 32 | 58 | 111 | 291 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANRO | |
|---|---|---|---|---|
| ANRO | 908.6% | 128.5% | 2.29 | - |
| Sector ETF (XLV) | 28.8% | 16.0% | 1.39 | 21.0% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 22.8% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 15.4% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | 0.4% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 16.4% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 19.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANRO | |
|---|---|---|---|---|
| ANRO | 10.8% | 112.7% | 0.74 | - |
| Sector ETF (XLV) | 7.1% | 15.1% | 0.28 | 18.4% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 16.1% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 8.5% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | -2.5% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 10.2% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 15.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANRO | |
|---|---|---|---|---|
| ANRO | 5.3% | 112.7% | 0.74 | - |
| Sector ETF (XLV) | 10.7% | 16.7% | 0.52 | 18.4% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 16.1% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 8.5% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | -2.5% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 10.2% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 15.7% |
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Earnings Returns History
Updated 8/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | 10.7% | 19.6% | |
| 5/13/2026 | -7.2% | -17.0% | -13.0% |
| 3/16/2026 | 9.1% | -3.5% | 16.0% |
| 11/12/2025 | 6.0% | 10.1% | 12.9% |
| 8/13/2025 | -0.3% | 9.6% | 24.3% |
| 5/14/2025 | 10.5% | 29.5% | 9.5% |
| 3/20/2025 | -1.5% | -10.4% | -13.8% |
| 11/12/2024 | 0.7% | -0.4% | -14.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 6 | 5 |
| # Negative | 4 | 5 | 5 |
| Median Positive | 6.0% | 11.2% | 16.0% |
| Median Negative | -1.9% | -10.4% | -13.8% |
| Max Positive | 10.7% | 29.5% | 44.8% |
| Max Negative | -7.2% | -17.0% | -15.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | 10.7% | 19.6% | |
| 5/13/2026 | -7.2% | -17.0% | -13.0% |
| 3/16/2026 | 9.1% | -3.5% | 16.0% |
| 11/12/2025 | 6.0% | 10.1% | 12.9% |
| 8/13/2025 | -0.3% | 9.6% | 24.3% |
| 5/14/2025 | 10.5% | 29.5% | 9.5% |
| 3/20/2025 | -1.5% | -10.4% | -13.8% |
| 11/12/2024 | 0.7% | -0.4% | -14.9% |
| 8/13/2024 | 6.0% | 12.2% | 44.8% |
| 5/14/2024 | -2.3% | -10.4% | -15.1% |
| 3/21/2024 | 5.4% | 1.3% | -10.0% |
| SUMMARY STATS | |||
| # Positive | 7 | 6 | 5 |
| # Negative | 4 | 5 | 5 |
| Median Positive | 6.0% | 11.2% | 16.0% |
| Median Negative | -1.9% | -10.4% | -13.8% |
| Max Positive | 10.7% | 29.5% | 44.8% |
| Max Negative | -7.2% | -17.0% | -15.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/20/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/21/2024 | 10-K |
| 09/30/2023 | 02/05/2024 | 424B4 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/20/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/21/2024 | 10-K |
| 09/30/2023 | 02/05/2024 | 424B4 |
Recent Forward Guidance
Updated 8/13/2026Latest: Q2 2026 Earnings Reported 8/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2030 Cash Runway | 338.00 Mil | ||||||
Prior: Q1 2026 Earnings Reported 5/13/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2029 Cash Runway | 2,029 | Higher New | Guidance: 2,028 for 2028 | ||||
Q4 2025 Earnings Reported 3/16/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | 2,028 | Affirmed | Guidance: 2,028 for 2028 | ||||
Q3 2025 Earnings Reported 11/12/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | 2,028 | Affirmed | Guidance: 2,028 for 2028 | ||||
Investor Activity (13F)
Updated Aug 24, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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