Truist Financial Corp grew its position in Alector, Inc. (NASDAQ:ALEC – Get Rating) by 2.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 50,479 shares of the company’s stock after acquiring an additional 1,233 shares during the quarter. Truist Financial Corp’s holdings in Alector were worth $477,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Quantbot Technologies LP bought a new stake in shares of Alector in the 1st quarter worth approximately $25,000. Lazard Asset Management LLC lifted its position in shares of Alector by 99.2% in the 2nd quarter. Lazard Asset Management LLC now owns 6,231 shares of the company’s stock worth $63,000 after acquiring an additional 3,103 shares during the period. Virtus ETF Advisers LLC lifted its position in shares of Alector by 75.3% in the 2nd quarter. Virtus ETF Advisers LLC now owns 12,898 shares of the company’s stock worth $131,000 after acquiring an additional 5,542 shares during the period. Point72 Hong Kong Ltd lifted its position in shares of Alector by 199.1% in the 1st quarter. Point72 Hong Kong Ltd now owns 9,635 shares of the company’s stock worth $137,000 after acquiring an additional 6,414 shares during the period. Finally, BNP Paribas Arbitrage SA lifted its position in shares of Alector by 37.6% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 14,078 shares of the company’s stock worth $143,000 after acquiring an additional 3,850 shares during the period. Institutional investors own 64.96% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have commented on ALEC. Citigroup reduced their price objective on Alector from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, November 10th. Bank of America downgraded Alector from a “buy” rating to a “neutral” rating and cut their target price for the stock from $24.00 to $12.00 in a research report on Friday, January 6th. Finally, TheStreet downgraded Alector from a “c-” rating to a “d” rating in a research report on Friday, November 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $17.00.
Alector Stock Performance
Alector (NASDAQ:ALEC – Get Rating) last issued its quarterly earnings data on Tuesday, November 8th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.13). Alector had a negative net margin of 102.49% and a negative return on equity of 49.19%. The business had revenue of $14.85 million during the quarter, compared to the consensus estimate of $52.70 million. As a group, research analysts predict that Alector, Inc. will post -1.53 EPS for the current fiscal year.
Alector Company Profile
Alector, Inc, a clinical stage biopharmaceutical company, develops therapies for the treatment of neurodegeneration diseases. Its products include AL001, a humanized recombinant monoclonal antibody, 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.
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