Published on 8 Feb 2024 on Zacks via Yahoo Finance
Alector (ALEC) shares ended the last trading session 6% higher at $6.40. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 25.3% loss over the past four weeks.
The FDA granted Breakthrough Therapy designation to the company’s investigational candidate, latozinemab, on Feb 7 for the potential treatment of frontotemporal dementia with a progranulin gene mutation. This might have driven the share price rally.
This biotechnology company is expected to post quarterly loss of $0.79 per share in its upcoming report, which represents a year-over-year change of -25.4%. Revenues are expected to be $8.35 million, down 42.2% from the year-ago quarter.