Alector downgraded to Hold from Buy at TD Cowen

TD Cowen analyst Yaron Werber downgraded Alector (ALEC) to Hold from Buy without a price target The Phase 3 INFRONT-3 miss ends the company’s latozinemab program and the shares have few near-term catalysts, the analyst tells investors in a research note. The firm says that while Alector’s 49% headcount cut “is step in right direction,” its cash burn is high with runway to 2027.