Stock Alert: Alector Down 18%

Shares of Alector Inc. (ALEC) are losing nearly 18% on Wednesday morning. ALEC is currently trading at $17.44, down $3.90 or 18.28%, on the Nasdaq.

In its preliminary data, Alector said its lead candidate AL001 in patients with frontotemporal dementia with a progranulin gene mutation was generally safe and well-tolerated in the Phase 1b study and after continuous dosing in 15 FTD-GRN patients in the Phase 2.

However, the company said that due to the COVID-19 pandemic, several clinical sites for the Phase 2 study were temporarily closed or conducted reduced or remote patient assessments during the evaluation period. As a result, some participants missed a dose of AL001 or missed clinical assessments during the treatment period. Alector is working closely with the sites, investigators and participants to manage future effects of the COVID-19 pandemic on the study.

In the mid-stage study, treatment with AL001 restored plasma progranulin levels in all subjects back to normal range while the majority of symptomatic FTD-GRN participants showed decreases in plasma neurofilament light chain levels from baseline.

A phase 3 study was initiated in July 2020, the company said.

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