State Street Corp Sells 173,068 Shares of Alector, Inc. (NASDAQ:ALEC)

State Street Corp lowered its holdings in Alector, Inc. (NASDAQ:ALEC) by 6.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 2,616,809 shares of the company’s stock after selling 173,068 shares during the quarter. State Street Corp’s holdings in Alector were worth $12,194,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of ALEC. Jacobs Levy Equity Management Inc. raised its stake in Alector by 18.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,017,687 shares of the company’s stock valued at $4,742,000 after purchasing an additional 159,111 shares in the last quarter. Acadian Asset Management LLC increased its stake in Alector by 32.8% in the second quarter. Acadian Asset Management LLC now owns 590,662 shares of the company’s stock valued at $2,681,000 after acquiring an additional 146,015 shares during the last quarter. FMR LLC raised its position in Alector by 1.0% during the third quarter. FMR LLC now owns 14,595,014 shares of the company’s stock valued at $68,013,000 after purchasing an additional 137,794 shares in the last quarter. Panagora Asset Management Inc. boosted its holdings in shares of Alector by 61.7% in the 2nd quarter. Panagora Asset Management Inc. now owns 355,318 shares of the company’s stock worth $1,613,000 after purchasing an additional 135,614 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Alector by 14.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 760,606 shares of the company’s stock valued at $3,544,000 after purchasing an additional 94,145 shares during the last quarter. Institutional investors own 85.83% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on ALEC. Bank of America downgraded Alector from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $9.00 to $1.00 in a research report on Wednesday, December 4th. Morgan Stanley cut shares of Alector from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $10.00 to $3.00 in a research note on Tuesday, November 26th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Alector in a research report on Tuesday, November 26th. Stifel Nicolaus lowered shares of Alector from a “buy” rating to a “hold” rating and set a $4.00 price target for the company. in a research report on Monday, December 16th. Finally, Mizuho downgraded Alector from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $9.00 to $2.50 in a report on Tuesday, December 17th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $3.75.

Alector Stock Down 3.6 %

Shares of ALEC opened at $1.85 on Thursday. The stock has a market capitalization of $181.18 million, a P/E ratio of -1.09 and a beta of 0.51. Alector, Inc. has a twelve month low of $1.73 and a twelve month high of $8.90. The firm has a fifty day simple moving average of $3.70 and a two-hundred day simple moving average of $4.62.

Alector (NASDAQ:ALEC) last posted its earnings results on Wednesday, November 6th. The company reported ($0.43) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.10. The company had revenue of $15.34 million during the quarter, compared to analyst estimates of $16.33 million. Alector had a negative net margin of 257.54% and a negative return on equity of 108.77%. Sell-side analysts expect that Alector, Inc. will post -1.85 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Marc Grasso sold 16,489 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $2.52, for a total value of $41,552.28. Following the completion of the transaction, the chief financial officer now directly owns 330,651 shares of the company’s stock, valued at $833,240.52. This represents a 4.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Arnon Rosenthal sold 52,172 shares of Alector stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $2.52, for a total value of $131,473.44. Following the sale, the chief executive officer now directly owns 2,507,074 shares in the company, valued at approximately $6,317,826.48. The trade was a 2.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 95,161 shares of company stock worth $239,806. 9.10% of the stock is currently owned by company insiders.

About Alector

Alector, Inc, a clinical stage biopharmaceutical company, develops therapies for the treatment of neurodegeneration diseases. Its products include AL001, an immune activity in the brain with genetic links to multiple neurodegenerative disorders, 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.