Putnam Investments LLC Reduces Stock Holdings in Alector, Inc. (NASDAQ:ALEC)

Putnam Investments LLC lowered its position in Alector, Inc. (NASDAQ:ALEC – Get Rating) by 1.8% in the third quarter, HoldingsChannel reports. The firm owned 106,986 shares of the company’s stock after selling 1,937 shares during the period. Putnam Investments LLC’s holdings in Alector were worth $1,012,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ALEC. Raymond James & Associates purchased a new stake in shares of Alector in the first quarter valued at about $1,106,000. Bank of New York Mellon Corp grew its holdings in shares of Alector by 1.0% in the first quarter. Bank of New York Mellon Corp now owns 206,696 shares of the company’s stock valued at $2,945,000 after purchasing an additional 1,983 shares during the period. American Century Companies Inc. lifted its position in Alector by 84.7% in the first quarter. American Century Companies Inc. now owns 140,887 shares of the company’s stock valued at $2,008,000 after buying an additional 64,589 shares during the last quarter. AlphaCrest Capital Management LLC acquired a new position in Alector in the first quarter valued at about $404,000. Finally, MetLife Investment Management LLC lifted its position in Alector by 54.9% in the first quarter. MetLife Investment Management LLC now owns 31,825 shares of the company’s stock valued at $454,000 after buying an additional 11,276 shares during the last quarter. Hedge funds and other institutional investors own 64.96% of the company’s stock.

Alector Stock Performance

Shares of ALEC opened at $6.67 on Tuesday. The stock has a market capitalization of $553.81 million, a PE ratio of -4.14 and a beta of 0.83. Alector, Inc. has a 1 year low of $6.18 and a 1 year high of $15.72. The company’s 50-day simple moving average is $8.71 and its 200-day simple moving average is $8.90.

Insider Buying and Selling

In related news, CEO Arnon Rosenthal sold 5,849 shares of the company’s stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $8.32, for a total transaction of $48,663.68. Following the sale, the chief executive officer now directly owns 1,628,546 shares in the company, valued at $13,549,502.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Gary Romano sold 3,238 shares of the company’s stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $8.32, for a total transaction of $26,940.16. Following the sale, the insider now directly owns 104,737 shares in the company, valued at $871,411.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Arnon Rosenthal sold 5,849 shares of the company’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $8.32, for a total transaction of $48,663.68. Following the sale, the chief executive officer now owns 1,628,546 shares in the company, valued at $13,549,502.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,378 shares of company stock worth $86,345. Company insiders own 12.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on ALEC. Bank of America cut shares of Alector from a “buy” rating to a “neutral” rating and decreased their target price for the company from $24.00 to $12.00 in a research report on Friday, January 6th. HC Wainwright reaffirmed a “buy” rating and issued a $41.00 target price on shares of Alector in a research report on Wednesday, March 1st. BTIG Research decreased their target price on shares of Alector from $54.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, March 2nd. Mizuho decreased their target price on shares of Alector from $15.00 to $12.00 in a research report on Friday, March 3rd. Finally, Morgan Stanley decreased their target price on shares of Alector from $11.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Friday, March 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $15.38.

Alector Profile

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Alector, Inc operates as a clinical-stage biopharmaceutical company, which engages in pioneering of immuno-neurology. It develops portfolio of innate immune system programs, designed to functionally repair genetic mutations and enable the rejuvenated immune cells to counteract emerging brain pathologies.