Alector’s (NASDAQ:ALEC) quiet period is set to end on Tuesday, March 19th. Alector had issued 9,250,000 shares in its initial public offering on February 7th. The total size of the offering was $175,750,000 based on an initial share price of $19.00. During the company’s quiet period, insiders and underwriters that worked on the IPO are prevented from issuing any research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.
Several research analysts have recently issued reports on the stock. Cowen assumed coverage on shares of Alector in a report on Monday, March 4th. They issued an “outperform” rating for the company. Svb Leerink began coverage on shares of Alector in a report on Monday, March 4th. They set an “outperform” rating for the company. Leerink Swann began coverage on shares of Alector in a report on Monday, March 4th. They set an “outperform” rating for the company. Morgan Stanley began coverage on shares of Alector in a report on Monday, March 4th. They set an “overweight” rating and a $27.00 target price for the company. Finally, Barclays began coverage on shares of Alector in a report on Monday, March 4th. They set an “overweight” rating and a $27.00 target price for the company. Six analysts have rated the stock with a buy rating, The stock currently has a consensus rating of “Buy” and a consensus target price of $26.67.
Shares of NASDAQ:ALEC opened at $15.97 on Tuesday. Alector has a 1-year low of $15.55 and a 1-year high of $23.84.
In other Alector news, Director Orbimed Advisors Llc bought 411,700 shares of Alector stock in a transaction that occurred on Monday, February 11th. The stock was purchased at an average cost of $19.00 per share, for a total transaction of $7,822,300.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
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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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