Barclays Cuts Alector (NASDAQ:ALEC) Price Target to $32.00

Alector (NASDAQ:ALEC) had its target price trimmed by Barclays from $36.00 to $32.00 in a research report report published on Wednesday morning, BenzingaRatingsTable reports. The firm currently has an overweight rating on the stock.

A number of other research firms also recently issued reports on ALEC. Zacks Investment Research raised Alector from a sell rating to a hold rating in a research report on Tuesday. Morgan Stanley upped their target price on Alector from $29.00 to $31.00 and gave the stock an overweight rating in a research report on Thursday, June 4th. BidaskClub raised Alector from a sell rating to a hold rating in a research report on Wednesday. Goldman Sachs Group started coverage on Alector in a research report on Tuesday, April 28th. They issued a buy rating and a $32.00 target price for the company. Finally, ValuEngine raised Alector from a hold rating to a buy rating in a research report on Tuesday. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $31.67.

ALEC stock opened at $15.67 on Wednesday. The stock has a 50-day moving average price of $24.99 and a two-hundred day moving average price of $26.41. Alector has a 12-month low of $13.64 and a 12-month high of $35.93. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.75 and a quick ratio of 7.75.

Alector (NASDAQ:ALEC) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.43) by ($0.10). Alector had a negative net margin of 556.70% and a negative return on equity of 48.29%. The firm had revenue of $7.17 million for the quarter, compared to analysts’ expectations of $10.60 million. As a group, sell-side analysts forecast that Alector will post -2.17 earnings per share for the current fiscal year.

In other Alector news, Director Terrance Mcguire sold 4,377 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $31.54, for a total transaction of $138,050.58. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Calvin Yu sold 1,343 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $31.26, for a total value of $41,982.18. Following the sale, the vice president now owns 110,986 shares in the company, valued at approximately $3,469,422.36. The disclosure for this sale can be found here. Insiders sold 25,720 shares of company stock valued at $705,733 in the last three months. 13.90% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in ALEC. RA Capital Management L.P. raised its stake in Alector by 312.7% during the first quarter. RA Capital Management L.P. now owns 4,127,348 shares of the company’s stock valued at $99,593,000 after buying an additional 3,127,348 shares in the last quarter. BlackRock Inc. raised its position in shares of Alector by 43.8% during the 1st quarter. BlackRock Inc. now owns 4,204,886 shares of the company’s stock worth $101,464,000 after purchasing an additional 1,279,868 shares during the period. FMR LLC acquired a new stake in shares of Alector during the 1st quarter worth approximately $20,862,000. Avidity Partners Management LP acquired a new stake in shares of Alector during the 1st quarter worth approximately $17,229,000. Finally, Federated Hermes Inc. raised its position in shares of Alector by 16.1% during the 1st quarter. Federated Hermes Inc. now owns 4,429,697 shares of the company’s stock worth $106,888,000 after purchasing an additional 613,397 shares during the period. Hedge funds and other institutional investors own 60.38% of the company’s stock.

About Alector

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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Analyst Recommendations for Alector (NASDAQ:ALEC)

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