As previously reported, BofA downgraded Alector (ALEC) to Underperform from Neutral with a price target of $1, down from $9, after ALOO2 missed the mark in its Phase 2 Alzheimer’s trial. The firm sees this as likely the end for the AL002 program, does not expect the $250M opt-in milestone from AbbVie (ABBV) to be realized, and removed AL002 from its model, the analyst tells investors. The firm also decreased its estimate of the value of AL001 and sees “significant investment” needed to spur the next leg of pipeline growth.
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Read More on ALEC:
- Alector downgraded to Underperform from Neutral at BofA
- Buy/Sell: Wall Street’s top 10 stock calls this week
- Alector shares may settle in $2.50-$3.50 range, says Mizuho
- Alector downgraded to Underweight from Equal Weight at Morgan Stanley
- Alector price target lowered to $7 from $35 at H.C. Wainwright
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
