Alector (NASDAQ:ALEC) Stock Price Crosses Above Fifty Day Moving Average – Here’s What Happened

Alector, Inc. (NASDAQ:ALEC)’s stock price passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $2.07 and traded as high as $2.30. Alector shares last traded at $2.28, with a volume of 1,477,641 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ALEC shares. HC Wainwright increased their target price on shares of Alector from $5.00 to $8.00 and gave the company a “buy” rating in a report on Wednesday, October 14th. UBS Group restated a “neutral” rating and set a $1.50 target price on shares of Alector in a research report on Tuesday, October 6th. Weiss Ratings upgraded Alector from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 13th. Finally, Morgan Stanley lifted their target price on Alector from $2.00 to $3.00 and gave the company an “underweight” rating in a report on Tuesday, October 6th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $4.62.

Alector Trading Up 11.2%

The business’s 50 day moving average is $2.07 and its 200-day moving average is $2.03. The firm has a market cap of $254.58 million, a P/E ratio of -2.07 and a beta of 0.61. The company has a quick ratio of 5.26, a current ratio of 5.26 and a debt-to-equity ratio of 0.80.

Alector (NASDAQ:ALEC) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.02. Alector had a negative net margin of 850.13% and a negative return on equity of 531.03%. The business had revenue of $3.32 million for the quarter, compared to analysts’ expectations of $1.71 million. As a group, analysts forecast that Alector, Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Transactions at Alector

In other news, CFO Neil Berkley sold 29,251 shares of Alector stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $2.66, for a total value of $77,807.66. Following the completion of the transaction, the chief financial officer directly owned 350,649 shares of the company’s stock, valued at approximately $932,726.34. The trade was a 7.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Arnon Rosenthal sold 72,606 shares of Alector stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $2.66, for a total value of $193,131.96. Following the completion of the transaction, the chief executive officer owned 2,294,600 shares of the company’s stock, valued at approximately $6,103,636. The trade was a 3.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 111,303 shares of company stock worth $295,633. Insiders own 8.30% of the company’s stock.

Hedge Funds Weigh In On Alector

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in Alector in the second quarter worth approximately $15,774,000. Nantahala Capital Management LLC purchased a new stake in Alector in the 2nd quarter worth about $8,679,399. Merck & Co. Inc. acquired a new stake in shares of Alector during the 2nd quarter valued at $7,126,896. ADAR1 Capital Management LLC acquired a new stake in shares of Alector during the 2nd quarter valued at about $5,796,000. Finally, Spruce Street Capital LP lifted its stake in shares of Alector by 87.9% in the 1st quarter. Spruce Street Capital LP now owns 2,101,068 shares of the company’s stock valued at $4,517,000 after purchasing an additional 983,082 shares during the last quarter. 85.83% of the stock is owned by institutional investors.

About Alector

Alector, Inc (NASDAQ: ALEC) is a clinical-stage biotechnology company focused on developing therapies for neurodegenerative diseases. The company’s research platform, known as immuno-neurology, is designed to use the body’s immune system to protect or restore the brain’s ability to maintain healthy neural connections.

Alector’s investigational pipeline has included antibody-based treatments for conditions such as frontotemporal dementia and Alzheimer’s disease. Its programs have targeted biological pathways associated with neurodegeneration, including progranulin and TREM2.