Alector price target lowered to 75c from $1.50 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Alector (ALEC) to 75c from $1.50 and keeps an Underweight rating on the shares. The firm, which is updating its model to account for the Phase 3 INFRONT-3 trial evaluating latozinemab failing to meet its co-primary endpoint, now includes revenues for AL101 in Alzheimer’s disease but in a “heavily discounted” fashion, the analyst tells investors.