Stifel analyst Paul Matteis upgraded Alector to Buy from Hold with a price target of $15, up from $8. While Alzheimer’s is very high risk, the probability of success for Alector’s AL002 is above average, and the stock’s risk/reward is “highly attractive” ahead of Phase 2 data in Q4 of 2024, the analyst tells investors in a research note. The firm says AL002 has shown a similar rate of amyloid-related imaging abnormalities as lecanemab in the ongoing Phase 2 study, which is “plausibly evidence of target engagement or even plaque clearance.”
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