Alector (NASDAQ:ALEC) Downgraded to “Strong Sell” at Zacks Investment Research

Alector (NASDAQ:ALECGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday, 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. “

ALEC has been the subject of a number of other reports. HC Wainwright reaffirmed a “buy” rating and issued a $41.00 price objective on shares of Alector in a research note on Wednesday, March 16th. Stifel Nicolaus cut Alector from a “buy” rating to a “hold” rating and dropped their price target for the company from $32.00 to $18.00 in a research report on Tuesday, March 8th. Citigroup dropped their target price on Alector from $43.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, February 25th. Finally, The Goldman Sachs Group started coverage on Alector in a report on Tuesday, April 12th. They issued a “sell” rating and a $9.00 price target on the stock. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Alector currently has an average rating of “Hold” and a consensus target price of $33.75.

NASDAQ ALEC traded up $0.47 during trading hours on Monday, reaching $10.07. The company’s stock had a trading volume of 23,139 shares, compared to its average volume of 729,666. The firm has a market capitalization of $826.14 million, a price-to-earnings ratio of -18.63 and a beta of 1.15. Alector has a 1-year low of $9.54 and a 1-year high of $43.32. The company’s 50-day moving average is $13.59 and its two-hundred day moving average is $17.80.

Alector (NASDAQ:ALECGet Rating) last released its earnings results on Wednesday, February 23rd. The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.55). Alector had a negative net margin of 17.54% and a negative return on equity of 13.85%. The firm had revenue of $13.99 million during the quarter, compared to analysts’ expectations of $75.34 million. As a group, sell-side analysts expect that Alector will post -0.56 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of ALEC. FMR LLC acquired a new position in Alector in the 1st quarter worth approximately $20,862,000. Marshall Wace LLP lifted its stake in shares of Alector by 245.8% in the 4th quarter. Marshall Wace LLP now owns 1,080,854 shares of the company’s stock valued at $22,320,000 after purchasing an additional 768,293 shares during the last quarter. EcoR1 Capital LLC lifted its stake in shares of Alector by 17.7% in the 3rd quarter. EcoR1 Capital LLC now owns 4,994,970 shares of the company’s stock valued at $113,985,000 after purchasing an additional 752,336 shares during the last quarter. Two Sigma Investments LP acquired a new stake in shares of Alector in the 3rd quarter valued at $7,770,000. Finally, Voloridge Investment Management LLC raised its holdings in Alector by 296.9% in the 3rd quarter. Voloridge Investment Management LLC now owns 425,902 shares of the company’s stock worth $9,719,000 after acquiring an additional 318,605 shares during the period. 66.69% of the stock is owned by hedge funds and other institutional investors.

About Alector (Get Rating)

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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