Spruce Street Capital LP Grows Stock Holdings in Alector, Inc. $ALEC

Spruce Street Capital LP raised its holdings in shares of Alector, Inc. (NASDAQ:ALEC) by 87.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,101,068 shares of the company’s stock after acquiring an additional 983,082 shares during the quarter. Alector comprises approximately 1.1% of Spruce Street Capital LP’s portfolio, making the stock its 26th biggest holding. Spruce Street Capital LP’s holdings in Alector were worth $4,517,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ALEC. Bronte Capital Management Pty Ltd. bought a new stake in shares of Alector during the 4th quarter valued at $30,000. Prudential Financial Inc. bought a new position in Alector in the 2nd quarter worth about $30,000. Hershey Trust Co. boosted its stake in Alector by 100.0% in the 4th quarter. Hershey Trust Co. now owns 20,572 shares of the company’s stock worth $32,000 after purchasing an additional 10,286 shares during the period. Virtu Financial LLC purchased a new position in Alector during the 4th quarter valued at about $34,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Alector during the 4th quarter valued at about $40,000. Hedge funds and other institutional investors own 85.83% of the company’s stock.

Alector Trading Down 0.7%

NASDAQ ALEC opened at $1.48 on Friday. The company has a quick ratio of 5.25, a current ratio of 5.25 and a debt-to-equity ratio of 0.80. The stock’s 50-day simple moving average is $1.80 and its two-hundred day simple moving average is $2.02. Alector, Inc. has a twelve month low of $1.09 and a twelve month high of $3.40. The company has a market capitalization of $164.32 million, a price-to-earnings ratio of -1.24 and a beta of 0.60.

Alector (NASDAQ:ALEC) last issued its earnings results on Thursday, May 7th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.08. Alector had a negative return on equity of 295.17% and a negative net margin of 680.83%.The business had revenue of $1.05 million during the quarter, compared to analyst estimates of $9.67 million. Research analysts forecast that Alector, Inc. will post -0.86 EPS for the current fiscal year.

Analyst Ratings Changes

ALEC has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Alector from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alector in a research note on Monday, May 4th. Morgan Stanley reaffirmed an “underweight” rating and set a $2.00 target price on shares of Alector in a report on Monday, May 4th. Finally, Cantor Fitzgerald raised shares of Alector from a “neutral” rating to an “overweight” rating in a report on Wednesday, April 15th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Alector currently has an average rating of “Hold” and an average price target of $3.62.

Insider Activity

In other Alector news, CFO Neil Lindsay Berkley sold 19,360 shares of the business’s stock in a transaction that occurred 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 completion of 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. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arnon Rosenthal sold 87,216 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $1.97, for a total transaction of $171,815.52. Following the sale, the chief executive officer owned 2,367,206 shares of the company’s stock, valued at $4,663,395.82. This represents a 3.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 115,760 shares of company stock worth $227,734. Company insiders own 8.30% of the company’s stock.

Alector Company 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.