SOUTH SAN FRANCISCO, Calif. (AP) — SOUTH SAN FRANCISCO, Calif. (AP) — Alector Inc. (ALEC) on Wednesday reported a loss of $42.2 million in its third quarter.
The South San Francisco, California-based company said it had a loss of 43 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 53 cents per share.
The biotechnology company posted revenue of $15.3 million in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $16.3 million.
Alector expects full-year revenue in the range of $60 million to $70 million.
Alector shares have declined 34% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $5.24, a drop of 4% 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
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