The cluster is directionally mixed with a net outflow, but the buyer/seller composition is notable: active asset managers (Panagora, Citigroup, Russell) are accumulating while mega-passive firms (Morgan Stanley, BofA, Goldman) are trimming. This divergence suggests active managers see value at current levels, but the lack of insider buying and continued passive selling warrants caution. Monitor next 10-Q for pipeline updates on ALEC's immuno-neurology programs (AL101, AL102) as the primary catalyst.
Executive Summary
Alector (ALEC) saw a mixed institutional cluster in Q2 2026: 8 buyers added $918K in net new positions (led by Panagora +$431K and UBS +$238K), while 5 sellers reduced holdings by $2.05M (led by Dimensional Fund Advisors near-exit -$542K, Morgan Stanley -$542K, and BofA -$532K). The selling is concentrated among large passive managers (Morgan Stanley, BofA, Goldman Sachs), while buying is dominated by active asset managers (Panagora, Citigroup, Russell Investments). The net $1.1M outflow and 0 insider buying suggest institutional conviction is weak despite the buyer count.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$1.1M
▲ Buyers (8)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Panagora Asset Management | ADD | +43.3% | $1.7M | $431.0K |
| UBS | ADD | +88.4% | $550.0K | $238.0K |
| Wells Fargo | DOUBLED | +158.3% | $179.0K | $105.0K |
| Citigroup | DOUBLED | +897.5% | $93.0K | $83.0K |
▼ Sellers (5)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Dimensional Fund Advisors | NEAR_EXIT | -88.1% | $610.0K | -$541.7K |
| Morgan Stanley | TRIM | -67% | $784.0K | -$541.7K |
| BofA | TRIM | -62.5% | $819.0K | -$532.2K |
| Goldman Sachs | TRIM | -28.2% | $1.3M | -$427.7K |
Key Facts
- 8 institutional buyers added $918K in net new positions; 5 sellers reduced by $2.05M
- Net institutional outflow of ~$1.1M across the cluster
- Top buyer: Panagora Asset Management added 255.6K shares (+43.3%), value +$431K
- Top seller: Dimensional Fund Advisors near-exited 250K shares (-88.1%), value -$542K
- Large passive sellers: Morgan Stanley, BofA, and Goldman Sachs trimmed a combined $1.5M
- Zero open-market insider buying (confluence score 15/100, divergent)
- Market cap $219M; analyst consensus 57% bullish (8 Buy, 4 Hold, 2 Sell)
Financial Impact
Net institutional outflow of approximately $1.1M (8 buyers added $918K, 5 sellers removed $2.05M)
Risk Factors
- Continued passive selling from mega-cap managers could pressure the stock
- No insider buying corroborates the institutional accumulation thesis
- Clinical-stage biotech with no approved products — binary pipeline risk
- 13F data is 45+ days stale; positions may have been unwound
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-ALEC-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | SC 13G | $1.82 | awaiting T+60 | — | — |
Oct 23, 2026 3d ago | SC 13G | $1.84 | awaiting T+60 | — | — |
Oct 16, 2026 10d ago | 424B5 | $1.95 | awaiting T+60 | — | — |
Oct 16, 2026 10d ago | 8-K | $1.95 | awaiting T+60 | — | — |
Oct 14, 2026 12d ago | 8-K | $1.88 | awaiting T+60 | — | — |
Oct 5, 2026 21d ago | 8-K | $1.99 | awaiting T+60 | — | — |
Oct 5, 2026 21d ago | Press Release | $1.99 | awaiting T+60 | — | — |
Sep 18, 2026 5w ago | SC 13G | $1.93 | awaiting T+60 | — | — |
Sep 4, 2026 7w ago | Insider Cluster | $2.47 | awaiting T+60 | — | — |
Aug 15, 2026 10w ago | Institutional Cluster | $2.05 | awaiting T+60 | — | — |
US Market Status
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