BTIG Research Lowers Alector (NASDAQ:ALEC) Price Target to $5.00

Alector (NASDAQ:ALEC) had its price objective dropped by BTIG Research from $16.00 to $5.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s target price suggests a potential upside of 92.31% from the company’s current price.

Several other analysts have also recently issued reports on ALEC. Cantor Fitzgerald reissued an “overweight” rating on shares of Alector in a research note on Tuesday. HC Wainwright reissued a “buy” rating and set a $35.00 price target on shares of Alector in a research report on Thursday, November 7th. Finally, Morgan Stanley lowered Alector from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $10.00 to $3.00 in a research note on Tuesday. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $14.00.

Alector Stock Down 34.3 %

Shares of ALEC traded down $1.36 on Tuesday, hitting $2.60. 5,507,854 shares of the stock traded hands, compared to its average volume of 657,491. Alector has a 1 year low of $2.37 and a 1 year high of $8.90. The stock’s 50 day moving average is $4.88 and its two-hundred day moving average is $5.06. The firm has a market capitalization of $254.62 million, a P/E ratio of -1.53 and a beta of 0.66.

Alector (NASDAQ:ALEC) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.43) EPS for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.10. The business had revenue of $15.34 million during the quarter, compared to the consensus estimate of $16.33 million. Alector had a negative return on equity of 108.77% and a negative net margin of 257.54%. Research analysts forecast that Alector will post -1.87 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Arnon Rosenthal sold 26,499 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $4.88, for a total value of $129,315.12. Following the sale, the chief executive officer now directly owns 1,948,746 shares of the company’s stock, valued at $9,509,880.48. This represents a 1.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Sara Kenkare-Mitra sold 13,926 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $4.88, for a total transaction of $67,958.88. Following the transaction, the insider now directly owns 291,715 shares of the company’s stock, valued at approximately $1,423,569.20. This represents a 4.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,722 shares of company stock worth $232,883 over the last quarter. 9.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alector

Institutional investors have recently made changes to their positions in the company. Federated Hermes Inc. grew its holdings in shares of Alector by 4.1% during the second quarter. Federated Hermes Inc. now owns 68,538 shares of the company’s stock valued at $311,000 after purchasing an additional 2,709 shares during the last quarter. Susquehanna Fundamental Investments LLC grew its stake in Alector by 2.8% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 129,664 shares of the company’s stock worth $589,000 after buying an additional 3,500 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in Alector by 3.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 112,920 shares of the company’s stock worth $513,000 after buying an additional 3,790 shares during the period. ProShare Advisors LLC lifted its stake in Alector by 24.1% in the first quarter. ProShare Advisors LLC now owns 19,709 shares of the company’s stock valued at $119,000 after buying an additional 3,827 shares during the last quarter. Finally, American International Group Inc. boosted its holdings in shares of Alector by 13.0% during the first quarter. American International Group Inc. now owns 35,655 shares of the company’s stock valued at $215,000 after acquiring an additional 4,105 shares during the period. 85.83% of the stock is currently owned by institutional investors.

About Alector

Alector, Inc, a clinical stage biopharmaceutical company, develops therapies for the treatment of neurodegeneration diseases. Its products include AL001, an immune activity in the brain with genetic links to multiple neurodegenerative disorders, 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.