Alector (NASDAQ:ALEC) was downgraded by Zacks Investment Research from a "hold" rating to a "sell" rating in a report released on Wednesday, Zacks.com reports.
According to Zacks, "Alector Inc. is a clinical stage biotechnology company pioneering immuno-neurology, a novel therapeutic approach for the treatment of neurodegenerative diseases. Its product portfolio includes AL001, AL101, Al002 and AL003 which are in clinical stage. Alector Inc. is headquartered in South San Francisco, California. "
Several other equities analysts have also recently weighed in on ALEC. Bank of America started coverage on Alector in a research report on Friday, January 15th. They issued a "buy" rating and a $35.00 price target for the company. Morgan Stanley lifted their target price on Alector from $31.00 to $33.00 and gave the company an "overweight" rating in a report on Monday. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of "Buy" and a consensus target price of $34.00.
NASDAQ ALEC traded up $0.41 on Wednesday, hitting $18.87. 13,619 shares of the stock traded hands, compared to its average volume of 627,312. The business's fifty day moving average is $18.54 and its two-hundred day moving average is $15.80. Alector has a 12 month low of $9.12 and a 12 month high of $34.89. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of -8.46 and a beta of 1.08.
Alector (NASDAQ:ALEC) last issued its quarterly earnings results on Thursday, February 25th. The company reported ($0.66) EPS for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.01). Alector had a negative net margin of 757.78% and a negative return on equity of 53.86%. The firm had revenue of $4.85 million for the quarter, compared to analysts' expectations of $9.68 million. On average, analysts forecast that Alector will post -2.44 earnings per share for the current fiscal year.
In other news, insider Robert Paul sold 19,175 shares of the firm's stock in a transaction that occurred on Tuesday, February 9th. The shares were sold at an average price of $20.81, for a total value of $399,031.75. Following the transaction, the insider now owns 230,810 shares in the company, valued at $4,803,156.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 74,450 shares of company stock worth $1,481,141 over the last ninety days. Insiders own 13.90% of the company's stock.
Several large investors have recently modified their holdings of the company. Penserra Capital Management LLC increased its holdings in Alector by 172.2% during the 4th quarter. Penserra Capital Management LLC now owns 1,840 shares of the company's stock valued at $27,000 after purchasing an additional 1,164 shares during the period. Ikarian Capital LLC increased its position in Alector by 17,812.8% during the 4th quarter. Ikarian Capital LLC now owns 57,500 shares of the company's stock valued at $870,000 after purchasing an additional 57,179 shares during the period. Clear Creek Financial Management LLC bought a new position in shares of Alector in the 4th quarter worth approximately $352,000. Vontobel Holding Ltd. purchased a new position in shares of Alector in the 4th quarter valued at approximately $454,000. Finally, Quantitative Systematic Strategies LLC bought a new stake in shares of Alector during the fourth quarter valued at approximately $377,000. 61.50% of the stock is owned by hedge funds and other institutional investors.
Alector Company Profile
Alector, Inc, a clinical stage biopharmaceutical company, develops therapies for the treatment of neurodegeneration diseases. Its products include AL001, a humanized recombinant monoclonal antibody, which is in Phase III clinical trial for the treatment of frontotemporal dementia, Alzheimer's, Parkinson's, and amyotrophic lateral sclerosis diseases; and AL101 that is in Phase I clinical trial for the treatment of neurodegenerative diseases, including Alzheimer's and Parkinson's diseases.
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