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Alector's stock opens below IPO price, then swings above it

Tomi Kilgore

Shares of newly public biopharmaceutical company Alector Inc. opened just shy of its initial public offering price, before swinging slightly higher in morning trade. The first trade was at $18.70 for about 542,000 shares at 10:39 Eastern, which was 1.6% below the $19 IPO price. The stock was last trading 0.5% above its IPO price. The stock is listed on Nasdaq under the ticker symbol "ALEC." The company has gone public at a time when the iShares Nasdaq Biotechnology ETF has lost 2.1% over the past three months, while the Renaissance IPO ETF has gained 1.2% and the S&P 500 has declined 3.6%.