Alector: Q2 Earnings Snapshot

August 4, 2022 GMT

SOUTH SAN FRANCISCO, Calif. (AP) _ Alector Inc. (ALEC) on Thursday reported second-quarter net income of $9.9 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the South San Francisco, California-based company said it had profit of 12 cents.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 39 cents per share.

The biotechnology company posted revenue of $79.9 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $48.7 million.

Alector shares have dropped 45% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $11.33, a decrease of 59% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ALEC at https://www.zacks.com/ap/ALEC