SOUTH SAN FRANCISCO, Calif. (AP) — SOUTH SAN FRANCISCO, Calif. (AP) — Alector Inc. (ALEC) on Tuesday reported a loss of $44.5 million in its third quarter.
On a per-share basis, the South San Francisco, California-based company said it had a loss of 53 cents.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 65 cents per share.
The biotechnology company posted revenue of $9.1 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $9 million.
Alector shares have dropped 38% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $5.75, a fall of 32% 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