Alector price target lowered to $7 from $35 at H.C. Wainwright

H.C. Wainwright analyst Andrew Fein lowered the firm’s price target on Alector (ALEC) to $7 from $35 and keeps a Buy rating on the shares. The company announced that the Phase 2 INVOKE-2 trial, which evaluated the TREM2 antibody, AL002 in Alzheimer’s disease patients, did not achieve its primary endpoint, the analyst tells investors in a research note. As a result, the firm removed AL002 from its valuation.