Spruce Street Capital LP Buys 983,082 Shares of Alector, Inc. $ALEC

Spruce Street Capital LP increased its stake in shares of Alector, Inc. (NASDAQ:ALEC) by 87.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,101,068 shares of the company’s stock after purchasing an additional 983,082 shares during the quarter. Alector makes up about 1.1% of Spruce Street Capital LP’s portfolio, making the stock its 26th largest holding. Spruce Street Capital LP owned about 1.89% of Alector worth $4,517,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Elmind Capital LP bought a new position in Alector during the 4th quarter worth $1,404,000. Foresite Capital Management IV LLC acquired a new position in Alector during the 4th quarter worth about $6,064,000. 683 Capital Management LLC grew its position in shares of Alector by 235.0% in the 4th quarter. 683 Capital Management LLC now owns 3,350,000 shares of the company’s stock valued at $5,226,000 after buying an additional 2,350,000 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Alector in the 4th quarter valued at about $40,000. Finally, Virtu Financial LLC acquired a new stake in shares of Alector in the fourth quarter valued at about $34,000. Institutional investors own 85.83% of the company’s stock.

Alector Trading Down 0.7%

NASDAQ ALEC opened at $1.48 on Friday. The company has a quick ratio of 5.25, a current ratio of 5.25 and a debt-to-equity ratio of 0.80. Alector, Inc. has a 52 week low of $1.09 and a 52 week high of $3.40. The business has a 50 day moving average price of $1.80 and a 200-day moving average price of $2.02. The company has a market cap of $164.32 million, a price-to-earnings ratio of -1.24 and a beta of 0.60.

Alector (NASDAQ:ALEC) last posted its earnings results on Thursday, May 7th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.08. Alector had a negative net margin of 680.83% and a negative return on equity of 295.17%. The company had revenue of $1.05 million during the quarter, compared to the consensus estimate of $9.67 million. As a group, equities analysts expect that Alector, Inc. will post -0.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ALEC has been the topic of a number of recent analyst reports. Cantor Fitzgerald upgraded shares of Alector from a “neutral” rating to an “overweight” rating in a research report on Wednesday, April 15th. Morgan Stanley reiterated an “underweight” rating and set a $2.00 price objective on shares of Alector in a research report on Monday, May 4th. Wall Street Zen raised shares of Alector from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Alector in a research note on Monday, May 4th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $3.62.

Insider Activity

In related news, CEO Arnon Rosenthal sold 87,216 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $4,663,395.82. This trade represents a 3.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Neil Lindsay Berkley sold 19,360 shares of Alector stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $1.97, for a total transaction of $38,139.20. Following the transaction, the chief financial officer directly owned 379,900 shares in the company, valued at approximately $748,403. This represents a 4.85% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 115,760 shares of company stock valued at $227,734. 8.30% of the stock is currently owned by corporate insiders.

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.