Elmind Capital LP purchased a new stake in shares of Alector, Inc. (NASDAQ:ALEC – Free Report) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 900,000 shares of the company’s stock, valued at approximately $1,809,000,000. Alector makes up about 0.5% of Elmind Capital LP’s investment portfolio, making the stock its 29th biggest position.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Bronte Capital Management Pty Ltd. acquired a new stake in Alector in the 4th quarter valued at approximately $30,000. Prudential Financial Inc. acquired a new position in shares of Alector during the second quarter valued at $30,000. Hershey Trust Co. increased its holdings in shares of Alector by 100.0% during the fourth quarter. Hershey Trust Co. now owns 20,572 shares of the company’s stock valued at $32,000 after purchasing an additional 10,286 shares during the period. Virtu Financial LLC bought a new stake in shares of Alector during the fourth quarter valued at about $34,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Alector in the second quarter worth about $39,000. 85.83% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities analysts recently issued reports on ALEC shares. Weiss Ratings upgraded shares of Alector from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, August 13th. Morgan Stanley reaffirmed an “underweight” rating and issued a $2.00 price target on shares of Alector in a research note on Monday, May 4th. Finally, Wall Street Zen upgraded shares of Alector from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Alector presently has an average rating of “Hold” and a consensus target price of $3.62.
Alector Price Performance
Shares of NASDAQ ALEC opened at $2.36 on Wednesday. The company has a current ratio of 5.26, a quick ratio of 5.26 and a debt-to-equity ratio of 0.80. The firm has a 50-day moving average of $1.80 and a two-hundred day moving average of $2.03. Alector, Inc. has a twelve month low of $1.09 and a twelve month high of $3.40. The company has a market capitalization of $263.52 million, a price-to-earnings ratio of -2.15 and a beta of 0.60.
Alector (NASDAQ:ALEC – Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.02. Alector had a negative net margin of 850.13% and a negative return on equity of 531.03%. The firm had revenue of $3.32 million during the quarter, compared to analysts’ expectations of $1.71 million. As a group, analysts expect that Alector, Inc. will post -0.87 earnings per share for the current fiscal year.
Insider Activity
In related news, CFO Neil Lindsay Berkley sold 19,360 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $1.97, for a total value of $38,139.20. Following the completion of the sale, the chief financial officer directly owned 379,900 shares of the company’s stock, valued at approximately $748,403. This represents a 4.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Arnon Rosenthal sold 87,216 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $1.97, for a total transaction of $171,815.52. Following the transaction, the chief executive officer directly owned 2,367,206 shares in the company, valued at $4,663,395.82. The trade was a 3.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 115,760 shares of company stock valued at $227,734. Corporate insiders own 8.30% of the company’s stock.
About Alector
Alector is a clinical-stage biotechnology company headquartered in South San Francisco, California. Founded in 2013, the company is focused on discovering and developing immuno-neurology therapies that target the innate immune system to treat a range of neurodegenerative disorders. Alector’s approach aims to harness the body’s natural defense mechanisms to clear pathological proteins and restore neuronal function in conditions such as Alzheimer’s disease and frontotemporal dementia.
The company’s pipeline includes multiple product candidates in both preclinical and clinical stages, with lead programs AL001 and AL002 advancing in frontotemporal dementia and Alzheimer’s disease studies.
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