7,847,879 Shares in Alector, Inc. $ALEC Bought by BlackRock Inc.

Key Points

• BlackRock acquired 7.85 million Alector shares worth approximately $15.8 million, giving it a 7.07% stake. Institutional investors collectively own 85.83% of the biotechnology company.
• Alector shares opened at $2.51 after declining 7.7%; the stock has traded between $1.09 and $3.40 over the past year. The company reported a quarterly loss of $0.21 per share but exceeded revenue expectations with $3.32 million.
• Analyst sentiment remains mixed, with three Buy, three Hold, and two Sell ratings. The consensus rating is Hold, with an average price target of $3.62.

BlackRock Inc. acquired a new stake in Alector, Inc. (NASDAQ:ALEC - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 7,847,879 shares of the company's stock, valued at approximately $15,774,000. BlackRock Inc. owned 7.07% of Alector at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Jane Street Group LLC boosted its position in shares of Alector by 4.7% in the first quarter. Jane Street Group LLC now owns 256,551 shares of the company's stock worth $316,000 after buying an additional 11,618 shares during the period. Strs Ohio purchased a new stake in shares of Alector during the 1st quarter valued at about $126,000. Geode Capital Management LLC lifted its position in Alector by 1.0% during the 2nd quarter. Geode Capital Management LLC now owns 1,982,068 shares of the company's stock worth $2,775,000 after acquiring an additional 19,970 shares in the last quarter. Prudential Financial Inc. acquired a new position in Alector during the 2nd quarter worth approximately $30,000. Finally, XTX Topco Ltd lifted its position in Alector by 125.2% during the 2nd quarter. XTX Topco Ltd now owns 73,338 shares of the company's stock worth $103,000 after acquiring an additional 40,767 shares in the last quarter. Institutional investors and hedge funds own 85.83% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wall Street Zen raised shares of Alector from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Weiss Ratings raised shares of Alector from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, August 13th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $3.62.

Alector Stock Down 7.7%

Shares of NASDAQ ALEC opened at $2.51 on Friday. Alector, Inc. has a 1 year low of $1.09 and a 1 year high of $3.40. The firm has a market cap of $280.27 million, a price-to-earnings ratio of -2.28 and a beta of 0.65. The company has a debt-to-equity ratio of 0.80, a quick ratio of 5.26 and a current ratio of 5.26. The stock's 50-day simple moving average is $1.89 and its 200-day simple moving average is $2.05.

Alector (NASDAQ:ALEC - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.02. Alector had a negative return on equity of 531.03% and a negative net margin of 850.13%.The business had revenue of $3.32 million for the quarter, compared to analysts' expectations of $1.71 million. As a group, equities analysts anticipate that Alector, Inc. will post -0.87 earnings per share for the current fiscal year.

Alector Profile

Alector is a clinical-stage biotechnology company headquartered in South San Francisco, California. Founded in 2013, the company is focused on discovering and developing immuno-neurology therapies that target the innate immune system to treat a range of neurodegenerative disorders. Alector's approach aims to harness the body's natural defense mechanisms to clear pathological proteins and restore neuronal function in conditions such as Alzheimer's disease and frontotemporal dementia.

The company's pipeline includes multiple product candidates in both preclinical and clinical stages, with lead programs AL001 and AL002 advancing in frontotemporal dementia and Alzheimer's disease studies.

Want to see what other hedge funds are holding ALEC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alector, Inc. (NASDAQ:ALEC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source