Spruce Street Capital LP Takes Position in Alector, Inc. $ALEC

Spruce Street Capital LP purchased a new position in shares of Alector, Inc. (NASDAQ:ALEC) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,101,068 shares of the company’s stock, valued at approximately $4,223,147,000. Alector comprises 0.8% of Spruce Street Capital LP’s investment portfolio, making the stock its 27th biggest holding. Spruce Street Capital LP owned about 1.88% of Alector at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. BlackRock Inc. acquired a new position in Alector in the 2nd quarter valued at $15,774,000. Vanguard Group Inc. lifted its stake in shares of Alector by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 6,034,659 shares of the company’s stock worth $17,863,000 after acquiring an additional 46,955 shares during the period. Foresite Capital Management IV LLC purchased a new stake in shares of Alector in the fourth quarter valued at about $6,064,000. Merck & Co. Inc. acquired a new position in shares of Alector during the second quarter worth about $7,126,896,000. Finally, 683 Capital Management LLC raised its holdings in Alector by 235.0% during the fourth quarter. 683 Capital Management LLC now owns 3,350,000 shares of the company’s stock worth $5,226,000 after purchasing an additional 2,350,000 shares in the last quarter. 85.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ALEC shares. Wall Street Zen raised Alector from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Morgan Stanley restated an “underweight” rating and issued a $2.00 price target on shares of Alector in a research note on Monday, May 4th. Finally, Weiss Ratings raised Alector from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 13th. 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. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $3.62.

Insider Activity at Alector

In related news, CEO Arnon Rosenthal sold 87,216 shares of Alector stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $1.97, for a total transaction of $171,815.52. Following the completion of the transaction, the chief executive officer directly owned 2,367,206 shares of the company’s stock, valued at approximately $4,663,395.82. The trade was a 3.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Neil Lindsay Berkley sold 19,360 shares of the business’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $1.97, for a total value of $38,139.20. Following the sale, the chief financial officer owned 379,900 shares in the company, valued at approximately $748,403. The trade was a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 115,760 shares of company stock valued at $227,734 over the last ninety days. 8.30% of the stock is currently owned by company insiders.

Alector Stock Down 2.5%

ALEC stock opened at $2.30 on Tuesday. 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 company’s 50-day moving average price is $1.78 and its 200 day moving average price is $2.02. Alector, Inc. has a 52 week low of $1.09 and a 52 week high of $3.40. The company has a market cap of $256.82 million, a P/E ratio of -2.09 and a beta of 0.60.

Alector (NASDAQ:ALEC) last issued its earnings results on Thursday, August 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.02. The company had revenue of $3.32 million during the quarter, compared to analysts’ expectations of $1.71 million. Alector had a negative net margin of 850.13% and a negative return on equity of 531.03%. On average, research analysts expect that Alector, Inc. will post -0.87 earnings per share for the current fiscal year.

Alector Profile

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.