Cantor starts Alector at Outperform into multiple data readouts

Cantor Fitzgerald analyst Pete Stavropoulos initiated coverage of Alector with an Overweight rating and $13 price target. The company has several “elegant mid-stage neurobiology shots on goal” with multiple data readouts over the next two years, the analyst tells investors in a research note. The firm says that with a “robust” $630M cash position, Alector’s market capitalization of only $506M “leaves considerable room for upside should any of the programs succeed.” As key data events approach, the shares should appreciate from current levels to reflect the company’s “quality science and high-reward programs,” contends Cantor.