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

Alector (NASDAQ:ALEC) had its target price lowered by BTIG Research from $16.00 to $5.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

ALEC has been the subject of several other reports. Morgan Stanley downgraded shares of Alector from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $10.00 to $3.00 in a report on Tuesday. HC Wainwright reaffirmed a “buy” rating and issued a $35.00 price target on shares of Alector in a report on Thursday, November 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Alector in a research report on Tuesday. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.00.

Alector Trading Down 35.1 %

NASDAQ:ALEC opened at $2.57 on Tuesday. The firm’s 50 day moving average is $4.88 and its 200 day moving average is $5.06. Alector has a 12 month low of $2.37 and a 12 month high of $8.90. The stock has a market capitalization of $251.68 million, a PE ratio of -1.52 and a beta of 0.66.

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

Insider Buying and Selling

In other news, insider Sara Kenkare-Mitra sold 13,926 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $4.88, for a total transaction of $67,958.88. Following the sale, the insider now owns 291,715 shares in the company, valued at approximately $1,423,569.20. This trade represents a 4.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Arnon Rosenthal sold 26,499 shares of Alector stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $4.88, for a total transaction 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 disclosure for this sale can be found here. Insiders sold a total of 47,722 shares of company stock worth $232,883 over the last ninety days. 9.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alector

A number of large investors have recently added to or reduced their stakes in ALEC. Barclays PLC increased its position in shares of Alector by 132.4% during the 3rd quarter. Barclays PLC now owns 176,800 shares of the company’s stock valued at $824,000 after purchasing an additional 100,731 shares during the last quarter. Geode Capital Management LLC boosted its stake in Alector by 8.5% in the third quarter. Geode Capital Management LLC now owns 1,903,942 shares of the company’s stock worth $8,874,000 after buying an additional 148,357 shares in the last quarter. Jane Street Group LLC grew its position in Alector by 24.2% during the third quarter. Jane Street Group LLC now owns 154,942 shares of the company’s stock valued at $722,000 after acquiring an additional 30,180 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Alector during the third quarter worth approximately $639,000. Finally, Sphera Funds Management LTD. lifted its holdings in shares of Alector by 1.6% in the 3rd quarter. Sphera Funds Management LTD. now owns 620,000 shares of the company’s stock worth $2,889,000 after acquiring an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 85.83% of the company’s stock.

Alector Company Profile

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.