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%.