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SOUTH SAN FRANCISCO, Calif. (AP) — SOUTH SAN FRANCISCO, Calif. (AP) — Alector Inc. (ALEC) on Thursday reported a loss of $45.9 million in its first quarter.
On a per-share basis, the South San Francisco, California-based company said it had a loss of 55 cents.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 75 cents per share.
The biotechnology company posted revenue of $16.5 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $9.2 million.
Alector expects full-year revenue in the range of $15 million to $25 million.
Alector shares have dropped 27% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $6.72, a drop of 34% 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 ALEC">Zacks stock report on ALEC at https://www.zacks.com/ap/ALEC