Morgan Stanley raised the firm’s price target on Alector (ALEC) to 90c from 75c and keeps an Underweight rating on the shares. The firm sees a continuation of U.S. small-to-mid cap biotech’s outperformance in 2026 as commercial names transition from “capital consumers to producers” and Large Cap Biopharma faces a looming patent cliff, the analyst tells investors in an outlook note for the group.
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