Verition Fund Management LLC Makes New Investment in Alector, Inc. (NASDAQ:ALEC)

Verition Fund Management LLC acquired a new stake in Alector, Inc. (NASDAQ:ALEC – Get Rating) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 105,590 shares of the company’s stock, valued at approximately $999,000. Verition Fund Management LLC owned 0.13% of Alector at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Federated Hermes Inc. increased its position in shares of Alector by 12.3% in the first quarter. Federated Hermes Inc. now owns 5,931,034 shares of the company’s stock valued at $84,517,000 after acquiring an additional 650,187 shares during the period. FMR LLC increased its position in shares of Alector by 1.0% in the second quarter. FMR LLC now owns 4,699,589 shares of the company’s stock valued at $47,748,000 after acquiring an additional 44,511 shares during the period. State Street Corp increased its position in shares of Alector by 2.0% in the second quarter. State Street Corp now owns 3,914,336 shares of the company’s stock valued at $39,770,000 after acquiring an additional 78,243 shares during the period. JPMorgan Chase & Co. increased its position in shares of Alector by 0.8% in the second quarter. JPMorgan Chase & Co. now owns 2,474,889 shares of the company’s stock valued at $25,144,000 after acquiring an additional 19,322 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Alector by 37.0% in the second quarter. Renaissance Technologies LLC now owns 966,583 shares of the company’s stock valued at $9,820,000 after acquiring an additional 260,803 shares during the period. Hedge funds and other institutional investors own 64.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ALEC. Morgan Stanley decreased their price objective on shares of Alector from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 24th. Citigroup reduced their price target on shares of Alector from $17.00 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday. HC Wainwright reiterated a “buy” rating and set a $41.00 price target on shares of Alector in a research report on Wednesday. TheStreet cut shares of Alector from a “c-” rating to a “d” rating in a report on Friday, November 11th. Finally, Bank of America cut shares of Alector from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $24.00 to $12.00 in a report on Friday, January 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $16.11.

Alector Stock Performance

Shares of NASDAQ ALEC opened at $8.24 on Friday. The firm’s 50 day moving average price is $8.98 and its 200-day moving average price is $9.17. The company has a market cap of $681.45 million, a PE ratio of -5.12 and a beta of 0.83. Alector, Inc. has a 52-week low of $6.84 and a 52-week high of $15.72.

Alector Profile

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Alector, Inc operates as a clinical-stage biopharmaceutical company, which engages in pioneering of immuno-neurology. It develops portfolio of innate immune system programs, designed to functionally repair genetic mutations and enable the rejuvenated immune cells to counteract emerging brain pathologies.