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Alector Inc Up 0.29% To $7.03 After Earnings Beat

Wednesday, February 28, 2024 01:28 PM | InvestorsObserver Analysts

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Alector Inc Up 0.29% To $7.03 After Earnings Beat

Alector Inc (ALEC) beat out earnings estimates for Q4 2023 this afternoon.

Alector Inc's earnings came in at an EPS loss of $0.49 per share, 36.00% higher than estimates for an EPS loss of $0.77 per share. The firm's loss per share narrowed by 22% since reporting a loss of $0.63 per share a year ago.

Analyst projections for Alector Inc revenue came in at a consensus of $9.6 million. Fourth-Quarter revenues surpassed estimates for $15.2 million by $5.6 million (58%). The company achieved 5% growth year-over-year compared to the firm's revenue of $14.4 million from the year-ago quarter. The higher earnings growth relative to revenue signals Alector Inc has improved its profit margin.

The stock is up 0.29% to $7.03 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Alector Inc a Bullish Sentiment Rank from InvestorsObserver.

Alector Inc has performed a little below average during the past few months. Before the report, Alector Inc received a Long-Term Technical Rank by InvestorsObserver of 46, putting it in the bottom half of stocks. The firm set a 52-week low on November 16, 2023 at $3.66 and set a 52-week high on August 4, 2023 at $9.07.

Alector Inc is a clinical stage biopharmaceutical company. It is engaged in developing a novel therapeutic approach for the treatment of neurodegeneration. The firm is involved in developing therapies which are designed to simultaneously counteract pathologies by restoring healthy immune function to the brain. Its pipeline product inlcude AL001, AL002, AL003, and AL101.

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