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.
美國銀行證券以其 AL002 計劃失敗爲由下調了Alector, Inc.（納斯達克股票代碼：ALEC）的評級。
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最近發佈了 INVOKE-2 二期試驗的結果，該試驗評估了 AL002 在減緩早期阿爾茨海默氏病（AD）患者疾病進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，根據臨床癡呆評級方框總和（CDR-SB）測量，AL002 未能達到減緩阿爾茨海默氏症臨床進展的主要終點。
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."
這位分析師寫道：「我們認爲這很可能是 AL002 計劃的終結，再加上裁員17％，我們預計艾伯維公司（紐約證券交易所代碼：ABBV）2.5億美元的選擇加入里程碑不會實現。」
The AL002 results are expected to impact sentiment as investors wait for Phase 3 data on latozinemab for frontotemporal dementia (FTD).
隨着投資者等待拉託津單抗治療額瞼癡呆（FTD）的第三階段數據，AL002 的業績預計將影響市場情緒。
INFRONT-3 Phase 3 trial completed enrollment in October 2023 and a treatment duration of 96 weeks.
Infront-3 三期試驗於 2023 年 10 月完成入組，治療時間爲 96 周。
The lack of near-term clinical milestones adds further pressure.
短期臨床里程碑的缺乏增加了進一步的壓力。
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.
該分析師已將評級從 「中性」 下調至 「表現不佳」，並將目標股價下調至1美元（之前爲9美元），這反映了 AL002 的下調、AL001 估值的降低以及未來管道增長所需的巨額投資。
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.
美國銀行預計，Alector的下一個重要里程碑將是Infront-3的第三階段試驗結果，該結果預計將在2025年底或2026年初公佈。
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.
儘管分析師對 AL001 及其靶向原蟲素的方法仍然持樂觀態度（相比之下，側重於 TREM2 的 AL002），但這種治療FTD的新途徑具有相似的生物學風險水平。
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 爲阿爾茨海默氏病提供了另一種潛在途徑，但美銀對其前景持謹慎態度，直到它顯示出功能優勢，而功能優勢是其成功的關鍵。
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，分析師認爲Alector處於 「觀望」 階段，短期內取得重大進展的機會有限。
Price Action: Alector stock is down 10.7% at $2.25 at last check Wednesday.
價格走勢：週三最後一次檢查時，Alector股價下跌10.7％，至2.25美元。
- Mastercard Settles UK Antitrust Lawsuit For $250 Million
- 萬事達卡以2.5億美元和解英國反壟斷訴訟
Image: Shutterstock
圖片：Shutterstock
