Alector falls on planned stock offering
17/01/2024 13:07
** Alector Inc's ALEC.O stock down 4.5% at $7.64 on light
premarket volume as biotech firm looks to raise equity
** Alzheimer’s drug developer late Tues announced stock
offering for general corp purposes
** Sources say sole bookrunner Cantor Fitzgerald marketing
deal size of ~$75 mln
** Co also late Tues said it had ~$549 mln of cash at
end-Dec to fund its operations into H2 2026
** Alector, which collaborates with GSK GSK.L and AbbVie
ABBV.N , has ~84.1 mln shares outstanding
** ALEC shares have lost 12% over the past year through
Tues, but have gained ~26% over the past 3 months
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))