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Why did Alector Inc. (ALEC) Stock slide down in the after-hours on Wednesday?

Alector Inc. (ALEC) shares fell 2.91% in after-hours on Wednesday, January 19, 2022, and closed the daily trading at $15.70. However, in the regular trading session of Wednesday, ALEC’s stock gained 0.87%. ALEC shares have fallen 7.28% over the last 12 months, and they have moved down 12.41% in the past week. Over the past three months, the stock has lost 29.11%, while over the past six months, it has declined 46.60%.


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Let’s see what are the latest news about the company?

ALEC inducement grants

On January 03, 2022, the compensation committee of Alector’s board of directors granted Sara Kenkare-Mitra, Ph.D., the company’s newly-hired President and Head of Research and Development an inducement equity grant, consisting of inducement stock options to purchase an aggregate of 300,000 shares of the company’s common stock, inducement restricted stock units, or RSUs, covering an aggregate of 59,000 shares of the ALEC’s common stock, and inducement performance stock units, or PSUs, covering an aggregate of 59,000 shares of the company’s common stock.

ALEC new appointment

Alector, Inc. (ALEC), appointed Sara Kenkare-Mitra, Ph.D., as President and Head of Research and Development on December 15, 2021. In this newly created role, Dr. Kenkare-Mitra will lead all aspects of the company’s immuno-neurology and oncology R&D efforts, including oversight of the research, development, clinical, manufacturing, regulatory, and related functions. Dr. Kenkare-Mitra will report to Arnon Rosenthal, Ph.D., Chief Executive Officer of Alector.

ALEC AL001Phase 2 clinical trial results presentation

On November 12, 2021, Alector, Inc. (ALEC), presented encouraging results from the company’s INFRONT-2 Phase 2 clinical trial of AL001 at the 14th Clinical Trials on Alzheimer’s Disease (CTAD) conference. AL001 is a potential first-in-class monoclonal antibody designed to elevate progranulin, a key regulator of immune activity in the brain. Decreased progranulin levels due to genetic mutations are a known cause of frontotemporal dementia (FTD), a rare and rapidly progressing neurodegenerative disease that is the most common form of dementia for people under the age of 60.

The results showed that the AL001 treatment was estimated to slow disease progression at twelve months by 48% based on 12 patients as compared to a matched control cohort of participants from the Genetic FTD Initiative (GENFI2 (1).

AL001 restored progranulin to normal levels in both plasma and cerebrospinal fluid (CSF) for the duration of treatment.AL001 was generally well tolerated when administered monthly for a year or more.

ALEC latest financial results

On November 04, 2021, Alector, Inc. (ALEC), reported third-quarter 2021 financial results which ended on September 30, 2021. The company also filed its quarterly report on Form 10-Q with SEC.

Q3 2021 financial highlights

  • ALEC reported total revenue of $182.4 million for the third quarter of 2021, compared to $5.9 million for the same period in 2020.
  • Research and development expenses were$43.1 million, compared to $43.8 million for the quarter ended September 30, 2020.
  • General and administrative expenses were$13.0 million for Q3 2021, compared to $15.8 million for the same period in 2020.
  • It earned a net income of $126.6 million, or $1.56 net income per share in Q3 2021, compared to a net loss of $52.7 million, or $0.67 net loss per share, for the same period in 2020.
  • The company ended Q3 2021 with cash, cash equivalents, and marketable securities of $777.9 million.

Conclusion

Well, as of this writing, we have no recent news or development which could be linked with its after-hours loss on Wednesday. We hope that it will bounce back on Thursday.

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