Alector (NASDAQ:ALEC) Trading Down 3% - Here's What Happened

Alector, Inc. (NASDAQ:ALEC - Get Free Report) fell 3% on Friday . The stock traded as low as $1.28 and last traded at $1.29. 385,388 shares traded hands during trading, a decline of 50% from the average session volume of 775,280 shares. The stock had previously closed at $1.33.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ALEC. Stifel Nicolaus downgraded Alector from a "buy" rating to a "hold" rating and set a $4.00 target price on the stock. in a report on Monday, December 16th. Morgan Stanley restated an "underweight" rating and issued a $1.50 target price (down from $3.00) on shares of Alector in a report on Friday, March 7th. HC Wainwright restated a "buy" rating and set a $7.00 price target on shares of Alector in a report on Thursday, February 27th. Mizuho lowered shares of Alector from an "outperform" rating to a "neutral" rating and decreased their price target for the stock from $9.00 to $2.50 in a research report on Tuesday, December 17th. Finally, Bank of America cut shares of Alector from a "neutral" rating to an "underperform" rating and lowered their target price for the company from $9.00 to $1.00 in a research note on Wednesday, December 4th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $3.50.

Alector Stock Performance

The stock has a market cap of $116.43 million, a P/E ratio of -0.69 and a beta of 0.65. The firm's 50-day moving average is $1.58 and its two-hundred day moving average is $2.92.

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Alector (NASDAQ:ALEC - Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The company reported ($0.02) EPS for the quarter, beating analysts' consensus estimates of ($0.61) by $0.59. Alector had a negative return on equity of 108.77% and a negative net margin of 257.54%. The business had revenue of $54.24 million during the quarter, compared to the consensus estimate of $20.41 million. As a group, research analysts forecast that Alector, Inc. will post -1.88 EPS for the current year.

Institutional Trading of Alector

Several hedge funds have recently added to or reduced their stakes in ALEC. Intech Investment Management LLC bought a new stake in shares of Alector in the third quarter valued at about $90,000. Charles Schwab Investment Management Inc. grew its position in shares of Alector by 14.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 760,606 shares of the company's stock valued at $3,544,000 after acquiring an additional 94,145 shares during the period. FMR LLC increased its position in Alector by 1.0% during the third quarter. FMR LLC now owns 14,595,014 shares of the company's stock worth $68,013,000 after buying an additional 137,794 shares during the last quarter. Erste Asset Management GmbH acquired a new position in shares of Alector during the 3rd quarter worth approximately $93,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Alector in the third quarter valued at $40,000. Institutional investors and hedge funds 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.