Mizuho says Alector’s (ALEC) top-line Phase 2 results for AL002 in Alzheimer’s disease “were non-equivocal, with negative signals on all primary or secondary endpoints.” The outcome comes as a “significant setback,” the analyst tells investors in a research note. The firm does not think it is unreasonable to see Alector shares settle somewhere in between the $2.50-$3.50 range. The stock in early trading is down 34%, or $1.34, to $2.62. Mizuho has an Outperform rating on Alector.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ALEC:
- Alector downgraded to Underweight from Equal Weight at Morgan Stanley
- Alector price target lowered to $7 from $35 at H.C. Wainwright
- Alector price target lowered to $5 from $16 at BTIG
- Alector Restructures After Alzheimer’s Trial Misses Goal
- Alector announces AL002 trial misses endpoint, reduces workforce by 17%