Principal Financial Group Inc. Lowers Stake in Alector, Inc. (NASDAQ:ALEC)

Principal Financial Group Inc. decreased its position in shares of Alector, Inc. (NASDAQ:ALEC) by 34.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 14,773 shares of the company’s stock after selling 7,739 shares during the quarter. Principal Financial Group Inc.’s holdings in Alector were worth $67,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Panagora Asset Management Inc. raised its holdings in Alector by 61.7% in the 2nd quarter. Panagora Asset Management Inc. now owns 355,318 shares of the company’s stock valued at $1,613,000 after acquiring an additional 135,614 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Alector by 21.5% during the second quarter. Bank of New York Mellon Corp now owns 279,938 shares of the company’s stock worth $1,271,000 after buying an additional 49,625 shares during the period. Gladius Capital Management LP purchased a new position in Alector during the second quarter worth about $29,000. SG Americas Securities LLC acquired a new stake in Alector in the 2nd quarter worth about $291,000. Finally, Jacobs Levy Equity Management Inc. grew its holdings in Alector by 16.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 922,799 shares of the company’s stock valued at $5,555,000 after buying an additional 128,515 shares during the period. Institutional investors and hedge funds own 85.83% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on ALEC shares. HC Wainwright reiterated a “buy” rating and set a $35.00 price objective on shares of Alector in a report on Thursday, June 20th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Alector in a research note on Monday, September 9th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $14.67.

Alector Stock Performance

Shares of NASDAQ:ALEC opened at $5.68 on Tuesday. The stock has a 50-day simple moving average of $5.46 and a 200-day simple moving average of $5.39. The stock has a market capitalization of $547.47 million, a P/E ratio of -4.12 and a beta of 0.68. Alector, Inc. has a 1 year low of $3.66 and a 1 year high of $8.90.

Alector (NASDAQ:ALEC) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.09. Alector had a negative net margin of 290.66% and a negative return on equity of 102.63%. The company had revenue of $15.08 million during the quarter, compared to the consensus estimate of $16.04 million. During the same period in the previous year, the firm earned $0.02 earnings per share. Analysts predict that Alector, Inc. will post -1.92 earnings per share for the current year.

Insider Buying and Selling

In other Alector news, CEO Arnon Rosenthal sold 26,499 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $4.88, for a total value of $129,315.12. Following the transaction, the chief executive officer now directly owns 1,948,746 shares of the company’s stock, valued at $9,509,880.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Arnon Rosenthal sold 26,499 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $4.88, for a total value of $129,315.12. Following the completion of the sale, the chief executive officer now owns 1,948,746 shares of the company’s stock, valued at $9,509,880.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Sara Kenkare-Mitra sold 13,926 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $4.88, for a total value of $67,958.88. Following the sale, the insider now owns 291,715 shares in the company, valued at $1,423,569.20. The disclosure for this sale can be found here. In the last three months, insiders sold 58,222 shares of company stock valued at $286,013. Company insiders own 9.10% 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.