Alector’s (NASDAQ:ALEC) quiet period will end on Tuesday, March 19th. Alector had issued 9,250,000 shares in its IPO on February 7th. The total size of the offering was $175,750,000 based on an initial share price of $19.00. During the company’s quiet period, insiders and underwriters involved in the IPO are prevented from issuing any research reports for the company because of SEC regulations. Following the end of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.
Several equities research analysts have recently commented on ALEC shares. Barclays started coverage on Alector in a research note on Monday, March 4th. They set an “overweight” rating and a $27.00 price target for the company. Leerink Swann initiated coverage on Alector in a research note on Monday, March 4th. They set an “outperform” rating for the company. Bank of America initiated coverage on Alector in a research report on Monday, March 4th. They issued a “buy” rating and a $26.00 price objective for the company. Morgan Stanley initiated coverage on Alector in a research report on Monday, March 4th. They issued an “overweight” rating and a $27.00 price objective for the company. Finally, Cowen initiated coverage on Alector in a research report on Monday, March 4th. They issued an “outperform” rating for the company. Six investment analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and a consensus price target of $26.67.
NASDAQ:ALEC opened at $16.40 on Thursday. Alector has a 1 year low of $15.16 and a 1 year high of $23.84.
In other Alector news, Director Orbimed Advisors Llc acquired 411,700 shares of the business’s stock in a transaction on Monday, February 11th. The stock was purchased at an average price of $19.00 per share, for a total transaction of $7,822,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
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Alector, Inc, a clinical stage biotechnology company, focuses on developing therapies that harness the immune system to cure neurodegenerative diseases. Its products in Phase I clinical trial include AL001, a humanized recombinant monoclonal antibody for the treatment of frontotemporal dementia; and AL002 for the treatment of Alzheimer's disease.
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