Alector Inc. (ALEC) PT Raised to $10 at H.C. Wainwright

H.C. Wainwright analyst Andrew Fein raised the price target on Alector Inc. (NASDAQ: ALEC) to $10.00 (from $7.00) while maintaining a Buy rating.

The analyst commented: "For Alector, INFRONT 3 topline data remains the important catalyst for this year. We note that the 12-month INFRONT-2 trial results in symptomatic FTD-GRN patients treated with 60 mg/kg of latozinemab (AL001) every four weeks indicated that AL001 may restore PGRN levels to normal ranges. Additionally, biomarker analysis demonstrated a reduction in markers of lysosomal function (Cathepsin D and LAMP1) and complement activation (C1QB), which were elevated at baseline, bringing them to levels comparable to an age-matched control group, indicating strong target engagement, in our opinion. Another key finding that we highlight is that GFAP levels, a marker of neuroinflammation, were initially elevated but decreased post-treatment, aligning with levels observed in an asymptomatic FTD-GRN cohort. Given that PGRN-deficient mice exhibit high GFAP-positive cells in the brain (Yin et al., JEM, 2009) and immunohistochemistry studies have confirmed GFAP staining in FTD patient brains, indicative of astrocytosis in the cerebral cortex (Ber et al., Human Mutation, 2007), the reduction in GFAP levels possibly suggests a potential disease-modifying effect, in our opinion. Importantly, we note that the NfL data showed stable plasma and CSF levels, with no signs of deterioration, despite the rapid disease progression typically seen in these patients. Further supporting its clinical impact, we believe the data from matched GENFI controls indicated a projected annual increase of 6.4 points in CDR plus NACC FTLD-SB scores, whereas the AL001 cohort (N=12) exhibited a projected annual increase of just 3.3 points—a 48% decrease in the rate of clinical progression. Altogether these data suggest a stabilization of disease progression, in our opinion. Finally, given the guidance and the cash position, we have revisited our opex assumption, which increases our PT to $10 from $7."

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