Neurology-Focused Alector Downgraded On Failed Alzheimer's Study, BofA Securities Highlights Lack Of Catalysts
Neurology-Focused Alector Downgraded On Failed Alzheimer's Study, BofA Securities Highlights Lack Of Catalysts
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 Bank of America Securities has downgraded Alector, Inc. (NASDAQ:ALEC), citing the failure of its AL002 program.
美国银行证券以其 AL002 计划失败为由下调了Alector, Inc.（纳斯达克股票代码：ALEC）的评级。
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).
Alector最近发布了 INVOKE-2 二期试验的结果，该试验评估了 AL002 在减缓早期阿尔茨海默氏病（AD）患者疾病进展方面的安全性和有效性。
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).
但是，根据临床痴呆评级方框总和（CDR-SB）测量，AL002 未能达到减缓阿尔茨海默氏症临床进展的主要终点。
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."
这位分析师写道：“我们认为这很可能是 AL002 计划的终结，再加上裁员17％，我们预计艾伯维公司（纽约证券交易所代码：ABBV）2.5亿美元的选择加入里程碑不会实现。”
The AL002 results are expected to impact sentiment as investors wait for Phase 3 data on latozinemab for frontotemporal dementia (FTD).
随着投资者等待拉托津单抗治疗额睑痴呆（FTD）的第三阶段数据，AL002 的业绩预计将影响市场情绪。
INFRONT-3 Phase 3 trial completed enrollment in October 2023 and a treatment duration of 96 weeks.
Infront-3 三期试验于 2023 年 10 月完成入组，治疗时间为 96 周。
The lack of near-term clinical milestones adds further pressure.
短期临床里程碑的缺乏增加了进一步的压力。
The analyst has downgraded from Neutral to Underperform and reduced the price target to $1 (previously $9), reflecting the removal of AL002, lower valuation for AL001, and the significant investment required for future pipeline growth.
该分析师已将评级从 “中性” 下调至 “表现不佳”，并将目标股价下调至1美元（之前为9美元），这反映了 AL002 的下调、AL001 估值的降低以及未来管道增长所需的巨额投资。
BofA anticipates that Alector's next big milestone will be the Phase 3 INFRONT-3 trial results, which are expected in late 2025 or early 2026.
美国银行预计，Alector的下一个重要里程碑将是Infront-3的第三阶段试验结果，该结果预计将在2025年底或2026年初公布。
While the analyst remains optimistic about AL001 and its approach of targeting progranulin (compared to AL002, which focuses on TREM2), the novel pathway for treating FTD carries a similar level of biological risk.
尽管分析师对 AL001 及其靶向原虫素的方法仍然持乐观态度（相比之下，侧重于 TREM2 的 AL002），但这种治疗FTD的新途径具有相似的生物学风险水平。
AL101 offers another potential avenue for Alzheimer's disease, but BofA is cautious about its prospects until it demonstrates functional benefits, which are key to its success.
AL101 为阿尔茨海默氏病提供了另一种潜在途径，但美银对其前景持谨慎态度，直到它显示出功能优势，而功能优势是其成功的关键。
Over the next year, the analyst views Alector as being in a "wait-and-see" phase, with limited opportunities for significant progress in the near term.
明年，分析师认为Alector处于 “观望” 阶段，短期内取得重大进展的机会有限。
Price Action: Alector stock is down 10.7% at $2.25 at last check Wednesday.
价格走势：周三最后一次检查时，Alector股价下跌10.7％，至2.25美元。
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Image: Shutterstock
图片：Shutterstock
