Alector Inc (NASDAQ:ALEC) was the recipient of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 2,037,210 shares, an increase of 74.9% from the February 28th total of 1,164,492 shares. Currently, 4.9% of the shares of the company are sold short. Based on an average trading volume of 482,550 shares, the days-to-cover ratio is presently 4.2 days.
In other Alector news, Director Orbimed Advisors Llc bought 411,700 shares of the stock in a transaction that occurred on Monday, February 11th. The shares were purchased at an average cost of $19.00 per share, for a total transaction of $7,822,300.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 34.40% of the stock is owned by company insiders.
Shares of ALEC traded up $0.94 during trading hours on Friday, hitting $22.47. 155,537 shares of the company were exchanged, compared to its average volume of 260,480. The firm has a market cap of $1.55 billion and a PE ratio of -4.86. Alector has a one year low of $15.16 and a one year high of $27.00.
A number of brokerages have issued reports on ALEC. Svb Leerink began coverage on Alector in a research note on Monday, March 4th. They set an “outperform” rating for the company. Cowen began coverage on Alector in a research note on Monday, March 4th. They set an “outperform” rating for the company. Morgan Stanley began coverage on Alector in a research note on Monday, March 4th. They set an “overweight” rating and a $27.00 price target for the company. Leerink Swann initiated coverage on Alector in a research note on Monday, March 4th. They set an “outperform” rating for the company. Finally, Bank of America initiated coverage on Alector in a research note on Monday, March 4th. They set a “buy” rating and a $26.00 price objective for the company. Six investment analysts have rated the stock with a buy rating, Alector currently has a consensus rating of “Buy” and an average price target of $26.67.
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Alector, Inc, a clinical stage biotechnology company, focuses on developing therapies that harness the immune system to cure neurodegenerative diseases. Its products in Phase I clinical trial include AL001, a humanized recombinant monoclonal antibody for the treatment of frontotemporal dementia; and AL002 for the treatment of Alzheimer's disease.
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