Neurology-Focused Alector Downgraded On Failed Alzheimer’s Study, BofA Securities Highlights Lack Of Catalysts
Bank of America Securities has downgraded Alector, Inc. (NASDAQ:ALEC), citing the failure of its AL002 program.
Alector recently released results from the INVOKE-2 Phase 2 trial evaluating the safety and efficacy of AL002 in slowing disease progression in individuals with early Alzheimer’s disease (AD).
But AL002 failed to meet the primary endpoint of slowing Alzheimer’s clinical progression as measured by the Clinical Dementia Rating Sum of Boxes (CDR-SB).
The analyst writes, “We see this as likely the end for the AL002 program, and combined with the 17% workforce reduction, we do not expect the $250M opt-in milestone from AbbVie Inc (NYSE:ABBV) to be realized.”
The AL002 results are expected to impact sentiment as investors …
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