Alector Inc (NASDAQ:ALEC) Sees Significant Growth in Short Interest

Alector Inc (NASDAQ:ALEC) was the recipient of a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 3,600,500 shares, an increase of 8.5% from the May 30th total of 3,317,500 shares. Based on an average daily trading volume, of 146,000 shares, the days-to-cover ratio is presently 24.7 days. Approximately 8.7% of the company’s stock are sold short.

Alector stock opened at $19.04 on Wednesday. The firm has a market cap of $1.28 billion and a price-to-earnings ratio of -4.12. The company has a current ratio of 7.92, a quick ratio of 7.92 and a debt-to-equity ratio of 0.16. The company has a 50 day moving average of $18.53. Alector has a twelve month low of $15.16 and a twelve month high of $27.00.

Alector (NASDAQ:ALEC) last released its quarterly earnings data on Monday, May 13th. The company reported ($0.42) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.30) by ($0.12). The business had revenue of $5.61 million for the quarter. Research analysts expect that Alector will post -1.38 EPS for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the business. Federated Investors Inc. PA bought a new stake in Alector in the first quarter worth approximately $21,965,000. FMR LLC bought a new stake in Alector in the first quarter worth approximately $20,862,000. New Leaf Venture Partners L.L.C. bought a new stake in Alector in the first quarter worth approximately $14,747,000. Laurion Capital Management LP bought a new stake in Alector in the first quarter worth approximately $4,680,000. Finally, Gilder Gagnon Howe & Co. LLC bought a new stake in Alector in the first quarter worth approximately $4,088,000. 39.90% of the stock is owned by institutional investors.

Separately, Cowen reiterated a “buy” rating on shares of Alector in a research note on Monday, May 13th. Six investment analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and a consensus target price of $26.67.

Alector Company Profile

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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