Alector upgraded to Outperform from Neutral at Mizuho

Mizuho upgraded Alector (ALEC) to Outperform from Neutral with a price target of $3.50, up from $2.50. With Alector valued at roughly half its cash position of $350M, pessimism on the shares “seems overly excessive,” the analyst tells investors in a research note. The firm awaits the Phase 3 data for the company’s lead asset latozinemab in frontotemporal dementia, which is expected in Q4. Mizuho’s key opinion feedback on latozinemab was more positive than it anticipated, and as a result it increased its probability of success to 60% from 50%. It favors the stock into the data.