Alector, Inc. (NASDAQ:ALEC) Sees Significant Increase in Short Interest

Alector, Inc. (NASDAQ:ALECGet Free Report) was the recipient of a significant growth in short interest in the month of May. As of May 31st, there was short interest totalling 8,570,000 shares, a growth of 9.3% from the May 15th total of 7,840,000 shares. Based on an average daily trading volume, of 619,000 shares, the short-interest ratio is currently 13.8 days. Approximately 11.4% of the shares of the company are sold short.

Alector Stock Down 6.8 %

Shares of ALEC stock opened at $4.26 on Wednesday. The stock has a 50-day simple moving average of $5.14 and a 200 day simple moving average of $6.13. Alector has a fifty-two week low of $3.66 and a fifty-two week high of $9.06. The stock has a market capitalization of $410.60 million, a P/E ratio of -3.09 and a beta of 0.77.

Alector (NASDAQ:ALECGet Free Report) last announced its earnings results on Wednesday, May 8th. The company reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.48) by $0.10. Alector had a negative return on equity of 71.80% and a negative net margin of 125.11%. The business had revenue of $15.89 million during the quarter, compared to analysts’ expectations of $14.63 million. On average, sell-side analysts anticipate that Alector will post -1.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ALEC has been the subject of several recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Alector in a research note on Thursday, May 9th. HC Wainwright decreased their price target on Alector from $41.00 to $35.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $14.00.

Get Our Latest Analysis on Alector

Insiders Place Their Bets

In other Alector news, insider Gary Romano sold 8,040 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $4.80, for a total value of $38,592.00. Following the sale, the insider now directly owns 188,273 shares of the company’s stock, valued at $903,710.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Alector news, insider Gary Romano sold 8,040 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $4.80, for a total value of $38,592.00. Following the sale, the insider now directly owns 188,273 shares of the company’s stock, valued at $903,710.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Arnon Rosenthal sold 25,135 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $4.80, for a total value of $120,648.00. Following the completion of the transaction, the chief executive officer now directly owns 1,975,245 shares of the company’s stock, valued at approximately $9,481,176. The disclosure for this sale can be found here. Insiders have sold 40,095 shares of company stock valued at $192,456 over the last three months. Company insiders own 9.10% of the company’s stock.

Hedge Funds Weigh In On Alector

A number of hedge funds and other institutional investors have recently modified their holdings of ALEC. Barclays PLC boosted its position in shares of Alector by 24.0% in the 3rd quarter. Barclays PLC now owns 138,826 shares of the company’s stock valued at $899,000 after purchasing an additional 26,856 shares during the period. Rafferty Asset Management LLC boosted its position in shares of Alector by 12.2% in the 3rd quarter. Rafferty Asset Management LLC now owns 186,624 shares of the company’s stock valued at $1,209,000 after purchasing an additional 20,328 shares during the period. FMR LLC boosted its position in shares of Alector by 58.3% in the 3rd quarter. FMR LLC now owns 12,172,045 shares of the company’s stock valued at $78,875,000 after purchasing an additional 4,481,420 shares during the period. Hsbc Holdings PLC boosted its position in shares of Alector by 64.8% in the 3rd quarter. Hsbc Holdings PLC now owns 36,807 shares of the company’s stock valued at $241,000 after purchasing an additional 14,472 shares during the period. Finally, Acadian Asset Management LLC boosted its position in shares of Alector by 68.2% in the 3rd quarter. Acadian Asset Management LLC now owns 153,266 shares of the company’s stock valued at $993,000 after purchasing an additional 62,155 shares during the period. Institutional investors and hedge funds own 85.83% of the company’s stock.

About Alector

(Get Free Report)

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.

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