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Summary
- Shares of Alector and TAT Technologies set a new 52-week high on Friday.
- Alector teamed up with GSK to develop therapies for neurodegenerative diseases.
- TAT Technologies secured an MRO contract for Honeywell’s auxiliary power units.
Alector, Inc. (NASDAQ:ALEC) and TAT Technologies Ltd. (NASDAQ:TATT) stocks rallied more than 50 percent on Friday to set a new 52-week high.
The California-based Alector stock jumped after the company announced a tie-up with British pharmaceutical company GlaxoSmithKline Plc (NYSE:GSK) to develop therapies for neurodegenerative diseases.
Meanwhile, Israeli aerospace and defense service provider TAT Technologies saw its share price soar after the company announced a contract with Honeywell.
Alector has US$1.79 billion in market capitalizations. Its stock returned 127 percent year to date. The shares traded in the range of US$ 9.12 to US$43.32.
As of 1:52 pm ET, Alector stock was trading at US$33.82, up 50.91 percent.
TAT Technologies has a market value of US$52.5 million, and its stock gained 82 percent year to date. The stock priced was between US$3.40 and US$10.44 in the last 52 weeks.
As of 1:53 pm ET, TAT Technologies was trading at US$8.43, up 42.19 percent.
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Alector collaborates with GSK for therapies for neurodegenerative diseases
On Friday, biotechnology company Alector announced a partnership with GSK to develop and commercialize two monoclonal antibodies for multiple neurodegenerative diseases, including Parkinson’s and Alzheimer’s.
The two clinical-stage monoclonal antibodies AL001 and AL101 are designed to elevate progranulin levels in the brain to provide immunity to neurodegenerative disorders.
As part of the deal, GSK will pay upfront payments of US$700 million to Alector as well as additional milestone payments of up to US$1.5 billion.
Both the companies will commercialize the therapies in the US, while GSK will be responsible for commercialization outside the US.
READ MORE: Pieris Stock Rallies On Collaboration With Genentech
Source: Pixabay
TAT Technologies to provide MRO services for Honeywell’s auxiliary power units
TAT Technologies said July 2, its subsidiary TAT Piedmont secured a maintenance repair and overhaul, or MRO, contract for Honeywell International Inc. (NYSE:HON)’s 131 auxiliary power units.
TAT Technologies CEO Igal Zamir said the deal with Honeywell could significantly improve the company’s revenue in the maintenance repair and overhaul segment.
Honeywell’s 131 Series of auxiliary power units are used in aircraft, including Boeing 737 and Airbus 319/320/321.
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In 2020, TAT Technologies reported total revenue of US$75.3 million, of which 39.7 percent came from MRO services for aviation components.
Please note: The above constitutes a preliminary view, and any interest in stocks/cryptocurrencies should be evaluated further from an investment point of view.
