Separately, Cowen reaffirmed a “buy” rating on shares of Alector in a research note on Wednesday, July 17th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $26.67.
NASDAQ ALEC traded up $0.49 on Friday, reaching $15.02. 278,991 shares of the company were exchanged, compared to its average volume of 590,729. The business’s fifty day moving average price is $16.52 and its 200 day moving average price is $18.88. The stock has a market capitalization of $975.35 million and a P/E ratio of -3.25. The company has a current ratio of 6.18, a quick ratio of 6.18 and a debt-to-equity ratio of 0.17. Alector has a fifty-two week low of $13.64 and a fifty-two week high of $27.00.
Alector (NASDAQ:ALEC) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.36) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.33) by ($0.03). The business had revenue of $6.92 million during the quarter. Equities research analysts forecast that Alector will post -1.39 earnings per share for the current year.
In related news, major shareholder Orbimed Advisors Llc sold 650,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $17.90, for a total value of $11,635,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Robert Paul sold 10,000 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $14.19, for a total value of $141,900.00. Following the completion of the sale, the insider now owns 323,719 shares in the company, valued at approximately $4,593,572.61. The disclosure for this sale can be found here. Insiders sold a total of 676,000 shares of company stock worth $12,079,700 in the last quarter. Company insiders own 34.40% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. increased its holdings in Alector by 194.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 294,574 shares of the company’s stock worth $5,299,000 after purchasing an additional 194,525 shares during the period. Bamco Inc. NY purchased a new stake in Alector during the 2nd quarter worth about $4,632,000. Virtus ETF Advisers LLC purchased a new stake in Alector during the 2nd quarter worth about $251,000. New Leaf Venture Partners L.L.C. purchased a new stake in Alector during the 1st quarter worth about $14,747,000. Finally, Cannell Peter B & Co. Inc. purchased a new stake in Alector during the 2nd quarter worth about $1,375,000. Institutional investors own 40.52% of the company’s stock.
Alector, Inc, a clinical stage biotechnology company, focuses on developing therapies that harness the immune system to cure neurodegenerative diseases. Its products in Phase I clinical trial include AL001, a humanized recombinant monoclonal antibody for the treatment of frontotemporal dementia; and AL002 for the treatment of Alzheimer's disease.
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