
What happened
Alto Neuroscience, Inc. (NYSE: ANRO) said President and CFO Nicholas Conrad Smith sold 134,886 shares from 09/29/2026 to 09/30/2026. The shares sold for $25.78 to $26.87 each, or about $3.57 million. After the sales, Smith held 24,060 shares.
The filing says the trades were made under a Rule 10b5-1 trading plan adopted on June 30, 2026. Table I shows 110,830 shares sold on 09/29/2026, then 23,170 shares and 886 shares sold on 09/30/2026. The filing says the 09/29/2026 sale used a weighted average price of $26.5826, with trades from $26.5513 to $26.5902. On 09/30/2026, Smith also exercised 24,056 options before selling 23,170 shares and 886 shares later that day.
Key numbers
| Metric | Latest | Change | Source |
|---|---|---|---|
| Shares sold | 134,886 shares | SEC Form 4 | |
| Sale value | about $3.57 million | SEC Form 4 | |
| Sale price range | from $25.78 to $26.87 per share | SEC Form 4 | |
| Shares held after | 24,060 shares | SEC Form 4 |
Read more: Alto Neuroscience (ANRO) stock analysis and investment case
Why it matters
OptimistFi's case is that Alto is a clinical-stage psychiatry option, so trial progress matters before cash burn forces unfavorable dilution. By that view, this filing does not change the case. OptimistFi's calculation shows the 134,886 shares sold were about 84.9% of Smith's pre-trade holding.
The remaining 24,060 shares give investors a clear post-trade baseline for later Form 4 checks. The Rule 10b5-1 plan is the main caveat, since the filing links the sale to a prearranged trading plan adopted on June 30, 2026. The option exercises in the same form show Smith also moved shares into common stock before selling part of the position.
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What's next
The next quarterly report is the next dated check on whether the reported 24,060-share stake changes again. Any later Form 4 will show whether the remaining position changes again. A steady holding would support the view that this was a planned reduction.
More selling would point to a deeper trim. A larger reported stake would weaken that reading. For now, the form sets a dated baseline for the insider's holdings and the plan status.
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Sources
- SEC Form 4 — Nicholas Conrad Smith insider trade filing dated 10/01/2026.
- Calculated from SEC Form 4 — OptimistFi calculation that the sale was about 84.9% of Smith's pre-trade holding.
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Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.
