Spruce Street Capital LP Invests $4.22 Billion in Alector, Inc. $ALEC

Spruce Street Capital LP acquired a new position in shares of Alector, Inc. (NASDAQ:ALEC) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 2,101,068 shares of the company’s stock, valued at approximately $4,223,147,000. Alector accounts for about 0.8% of Spruce Street Capital LP’s holdings, making the stock its 27th biggest holding.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Bronte Capital Management Pty Ltd. purchased a new position in Alector during the fourth quarter worth $30,000. Hershey Trust Co. lifted its position in shares of Alector by 100.0% in the fourth quarter. Hershey Trust Co. now owns 20,572 shares of the company’s stock valued at $32,000 after acquiring an additional 10,286 shares in the last quarter. Prudential Financial Inc. purchased a new stake in shares of Alector in the second quarter valued at $30,000. Virtu Financial LLC acquired a new stake in shares of Alector during the fourth quarter valued at $34,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Alector during the 4th quarter worth about $40,000. Hedge funds and other institutional investors own 85.83% of the company’s stock.

Insider Transactions at Alector

In other news, CEO Arnon Rosenthal sold 87,216 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $1.97, for a total transaction of $171,815.52. Following the transaction, the chief executive officer directly owned 2,367,206 shares in the company, valued at $4,663,395.82. This represents a 3.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Neil Lindsay Berkley sold 19,360 shares of the firm’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 transaction of $38,139.20. Following the completion of the sale, the chief financial officer directly owned 379,900 shares in the company, valued at $748,403. This represents a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 115,760 shares of company stock valued at $227,734. Corporate insiders own 8.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ALEC. Weiss Ratings raised shares of Alector from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, August 13th. Morgan Stanley reiterated an “underweight” rating and set a $2.00 price target on shares of Alector in a report on Monday, May 4th. Finally, Wall Street Zen raised shares of Alector from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Alector has an average rating of “Hold” and a consensus target price of $3.62.

Alector Price Performance

Shares of NASDAQ:ALEC opened at $2.30 on Tuesday. The company has a market cap of $256.82 million, a P/E ratio of -2.09 and a beta of 0.60. The company has a quick ratio of 5.26, a current ratio of 5.26 and a debt-to-equity ratio of 0.80. Alector, Inc. has a 52 week low of $1.09 and a 52 week high of $3.40. The business has a fifty day simple moving average of $1.78 and a 200-day simple moving average of $2.02.

Alector (NASDAQ:ALEC) last released its earnings results on Thursday, August 6th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.02. Alector had a negative return on equity of 531.03% and a negative net margin of 850.13%.The firm had revenue of $3.32 million for the quarter, compared to the consensus estimate of $1.71 million. Equities research analysts forecast that Alector, Inc. will post -0.87 EPS for the current year.

Alector 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.