Shares of newly public biopharmaceutical company Alector Inc. ALEC, +0.00% 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 IBB, -2.02% has lost 2.1% over the past three months, while the Renaissance IPO ETF IPO, -1.11% has gained 1.2% and the S&P 500 SPX, -1.03% has declined 3.6%.

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