Shares of Alector Inc. (ALEC) surged 5.34% on November 7, 2024, after the biopharmaceutical company reported better-than-expected earnings for the third quarter ended September 30, 2024.
Alector reported an adjusted loss of $0.43 per share for the quarter, beating analysts' expectations of a $0.53 loss per share. The company's revenue rose 68.4% year-over-year to $15.34 million, slightly below analysts' projections of $15.70 million.
Despite reporting a quarterly loss of $42.22 million, Alector's stronger-than-anticipated earnings per share figure fueled investor optimism, driving the stock's rally on Wednesday. The company's shares had risen by 12.4% in the previous quarter but lost 34.3% year-to-date.
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