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Sara Kenkare-Mitra, President and Head of R&D at Alector, Inc. (NASDAQ:ALEC), recently sold 23,890 shares of the company’s common stock. The shares were sold at a weighted average price of $1.3384, with transaction prices ranging from $1.285 to $1.41, amounting to a total value of $31,974. Following this transaction, Kenkare-Mitra holds 512,252 shares directly. The sale was conducted to cover tax obligations related to the vesting of restricted stock units. The stock, which has declined nearly 69% over the past year, currently trades at $1.55. InvestingPro subscribers have access to 12 additional key insights about Alector, including detailed analysis of its financial health, valuation metrics, and future growth prospects. Get the complete picture with the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Alector Inc . has announced a strategic plan to reduce its workforce by approximately 13%, impacting about 25 employees across various departments. This decision is part of the company’s cost-saving measures to realign resources with its strategic priorities, particularly focusing on the advancement of its preclinical and research pipeline. Alector expects to incur one-time restructuring charges of around $2.4 million related to this workforce reduction, with cash payments for these expenses anticipated to be completed by the third quarter of 2025. Despite the workforce reduction, Alector believes its current cash, cash equivalents, and investments will support its operating expenses and capital expenditure requirements through 2026.
Additionally, H.C. Wainwright & Co. raised its price target for Alector from $7.00 to $10.00, maintaining a Buy rating on the shares. This revision follows positive clinical trial results for Alector’s lead drug candidate, latozinemab. The INFRONT-3 trial has shown promising results, with reductions in specific biomarkers and stable neurofilament light chain levels, suggesting a potential disease-modifying effect. The trial’s findings have led to a revision in operating expense assumptions, contributing to the increased price target. These developments reflect Alector’s ongoing efforts to advance its clinical programs and manage operational costs.
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