Alector tumbles as Alzheimer's drug fails trial

Alector

26/11/2024 11:09

** Shares of Alector  ALEC.O  tumbles 27% to $2.88 premarket
    ** ALEC's experimental drug did not meet the main goal of
slowing Alzheimer’s progression in a mid-stage trial, co said
late Monday 
    ** ALEC to stop the long-term extension study of the drug
    ** Also plans to cut 17% of workforce (244 employees as of
Dec 31, 2023)
    ** Says its existing cash and equivalents should help fund
is operations through 2026
    ** As of last close, stock has fallen 50.4% YTD

 (Reporting by Kamal  Choudhury)
 ((Kamal.Choudhury@thomsonreuters.com;))