Alector initiated with a Sell at Goldman Sachs

Goldman Sachs initiated coverage of Alector with a Sell rating and $4 price target, which represents 42% downside from current share levels. The analyst sees “significant risk” to the company’s lead clinical stage programs, latozinemab in frontotemporal dementia) and AL002 in Alzheimer’s disease. There is limited data to support the translation of either mechanism to benefit on clinical measures of disease, the analyst tells investors in a research note.