Alector price target raised to $2 from 90c at Morgan Stanley

Morgan Stanley raised the firm’s price target on Alector (ALEC) to $2 from 90c and keeps an Underweight rating on the shares. AL101’s failure in the Phase 2 PROGRESS-AD trial is “a major clearing event for shares” that eliminates distraction and capital drain from “a mechanistically contained program” and focuses the pipeline on ABC-enabled assets, the analyst tells investors.