Alector (NASDAQ:ALEC) Releases Quarterly Earnings Results, Beats Estimates By $0.59 EPS

Alector (NASDAQ:ALEC – Get Rating) announced its quarterly earnings results on Thursday. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.59, Fidelity Earnings reports. Alector had a net margin of 12.06% and a return on equity of 12.03%.

Alector Stock Up 15.3 %

NASDAQ:ALEC traded up $1.73 on Friday, hitting $13.06. The stock had a trading volume of 818,585 shares, compared to its average volume of 423,741. The business’s 50-day simple moving average is $10.19 and its two-hundred day simple moving average is $12.15. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 33.49 and a beta of 1.08. Alector has a 52-week low of $7.50 and a 52-week high of $29.30.

Hedge Funds Weigh In On Alector

Several institutional investors have recently made changes to their positions in ALEC. Quantbot Technologies LP purchased a new stake in Alector during the first quarter valued at approximately $25,000. Point72 Hong Kong Ltd lifted its position in Alector by 199.1% during the first quarter. Point72 Hong Kong Ltd now owns 9,635 shares of the company’s stock valued at $137,000 after purchasing an additional 6,414 shares in the last quarter. Quantedge Capital Pte Ltd grew its holdings in Alector by 40.9% during the first quarter. Quantedge Capital Pte Ltd now owns 16,200 shares of the company’s stock valued at $231,000 after purchasing an additional 4,700 shares during the period. AlphaCrest Capital Management LLC purchased a new stake in Alector in the first quarter worth about $404,000. Finally, Panagora Asset Management Inc. lifted its position in shares of Alector by 99.4% during the 1st quarter. Panagora Asset Management Inc. now owns 29,286 shares of the company’s stock valued at $417,000 after buying an additional 14,599 shares in the last quarter. Institutional investors own 66.69% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Barclays cut their price target on shares of Alector from $42.00 to $14.00 in a report on Wednesday, May 11th. The Goldman Sachs Group reduced their target price on Alector from $9.00 to $6.00 and set a “sell” rating for the company in a report on Tuesday, May 24th. Mizuho began coverage on Alector in a report on Wednesday, July 6th. They set a “buy” rating and a $15.00 price target on the stock. Finally, Citigroup reduced their price objective on Alector from $34.00 to $19.00 and set a “buy” rating for the company in a report on Monday, July 11th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Alector currently has an average rating of “Moderate Buy” and an average target price of $20.86.

Alector Company Profile

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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.