Alector (NASDAQ:ALEC) Stock Rated Overweight in New Coverage at Wells Fargo & Company

Equities research analysts at Wells Fargo & Company initiated coverage on shares of Alector (NASDAQ:ALEC) in a research report issued to clients and investors on Friday, Briefing.com reports. The firm set an “overweight” rating and a $7.00 price target on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 185.71% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the stock. HC Wainwright began coverage on shares of Alector in a research note on Friday, November 6th. They issued a “strong-buy” rating on the stock. Wall Street Zen raised Alector from a “hold” rating to a “buy” rating in a research note on Saturday, November 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Alector in a report on Wednesday. UBS Group reissued a “neutral” rating and set a $1.50 price objective on shares of Alector in a research report on Tuesday, October 6th. Finally, Morgan Stanley lifted their price objective on Alector from $2.00 to $3.00 and gave the company an “underweight” rating in a research note on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Alector presently has a consensus rating of “Hold” and an average price target of $5.10.

Alector Trading Down 6.8%

Alector stock opened at $2.45 on Friday. The company has a market cap of $273.57 million, a price-to-earnings ratio of 7.51, a PEG ratio of 0.17 and a beta of 0.61. The business’s 50 day simple moving average is $2.07 and its 200 day simple moving average is $2.05. Alector has a 12 month low of $1.09 and a 12 month high of $2.84.

Alector (NASDAQ:ALEC) last posted its quarterly earnings results on Thursday, November 5th. The company reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $1.34. The company had revenue of $162.87 million for the quarter, compared to analyst estimates of $2.19 million. Alector had a net margin of 23.87% and a return on equity of 112.21%. As a group, equities research analysts forecast that Alector will post 0.48 earnings per share for the current fiscal year.

Insider Buying and Selling at Alector

In other news, CEO Arnon Rosenthal sold 72,606 shares of the business’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $2.66, for a total transaction of $193,131.96. Following the completion of the sale, the chief executive officer directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Neil Berkley sold 29,251 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $2.66, for a total transaction of $77,807.66. Following the transaction, the chief financial officer directly owned 350,649 shares in the company, valued at $932,726.34. This trade represents a 7.70% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 111,303 shares of company stock worth $295,633. Insiders own 8.30% of the company’s stock.

Institutional Investors Weigh In On Alector

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Alector during the 2nd quarter valued at about $15,774,000. Nantahala Capital Management LLC purchased a new position in shares of Alector during the second quarter worth $8,679,399. Merck & Co. Inc. purchased a new position in shares of Alector in the second quarter valued at approximately $7,126,896. ADAR1 Capital Management LLC purchased a new position in Alector in the 2nd quarter valued at approximately $5,796,000. Finally, Spruce Street Capital LP purchased a new stake in Alector during the 2nd quarter worth about $4,223,147. 85.83% of the stock is currently owned by institutional investors and hedge funds.

About Alector

Alector, Inc. is a biotechnology company based in South San Francisco, California, that develops investigational therapies for neurodegenerative diseases. Its research focuses on the role of the immune system in the brain and how immune pathways may be used to address disease processes. The company’s approach draws on human genetics and immunology to identify potential therapeutic targets. Its research has included programs targeting progranulin and TREM2, proteins associated with brain health and neurodegenerative disease.