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Stock Alert: Alector Down 18%

(RTTNews) - Shares of Alector Inc. (ALEC) are losing nearly 18% on Wednesday morning. ALEC is currently trading at $17.44, down $3.90 or 18.28%, on the Nasdaq.

In its preliminary data, Alector said its lead candidate AL001 in patients with frontotemporal dementia with a progranulin gene mutation was generally safe and well-tolerated in the Phase 1b study and after continuous dosing in 15 FTD-GRN patients in the Phase 2.

However, the company said that due to the COVID-19 pandemic, several clinical sites for the Phase 2 study were temporarily closed or conducted reduced or remote patient assessments during the evaluation period. As a result, some participants missed a dose of AL001 or missed clinical assessments during the treatment period. Alector is working closely with the sites, investigators and participants to manage future effects of the COVID-19 pandemic on the study.

In the mid-stage study, treatment with AL001 restored plasma progranulin levels in all subjects back to normal range while the majority of symptomatic FTD-GRN participants showed decreases in plasma neurofilament light chain levels from baseline.

A phase 3 study was initiated in July 2020, the company said.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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