Analyst Andrew Fein of H.C. Wainwright maintained a Buy rating on Alector, retaining the price target of $10.00.
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Andrew Fein has given his Buy rating due to a combination of factors that highlight Alector’s promising advancements in their clinical trials. The inclusion of plasma PGRN as a co-primary endpoint in the INFRONT study is seen as a positive development, supported by data from previous trials and human genetics indicating PGRN’s role in FTD pathogenesis. The Phase 2 study showed that Alector’s treatment could restore PGRN levels to those of healthy individuals, with additional biomarker analyses demonstrating significant target engagement and biological effects.
Furthermore, the treatment led to normalization of certain lysosomal markers and a reduction in markers of complement activation, indicating a potential disease-modifying effect. The stability of neurofilament light chain levels, alongside a slower progression rate in clinical trajectory data, suggests a promising outlook for Alector’s therapeutic approach. The potential for PGRN to serve as a surrogate biomarker for accelerated approval, given past precedents, adds to the optimism surrounding Alector’s prospects.