Feeling stuck in $ANRO — is this a fundamentally sound biotech or am I coping?

Hey everyone,

I’m currently holding a decent-sized position in Alto Neuroscience (ANRO) and could really use some honest thoughts or guidance. I got in earlier thinking the biotech play could be promising, but the stock’s been rough. I’m down around 45% and debating whether to hold, average down, or just walk away and cut losses.

I know biotech can be volatile, especially with no revenue and early-stage trials, but ANRO seems like it’s still moving forward. They’ve got multiple Phase 2 programs in the works for depression and bipolar disorder, and analysts have some pretty optimistic price targets ($12+). So part of me feels like this is just how these early-stage plays go — high risk, high potential.

But it’s also stressful watching red every day, and I’m not sure if I’m just coping or if this is actually a fundamentally sound long-term company.

Would love to hear from anyone with more biotech experience:

1) Does ANRO actually have a shot if even one trial hits?

2) Is it reasonable to hold and wait out volatility, or are there red flags I’m not seeing?

3) How do you all manage the emotional side of high-risk biotech investing?

Appreciate any insights or reality checks. Just trying to figure out if this is patience-worthy or if I need to reevaluate.

Thanks in advance.