5 Best Biotech and AI Stocks To Buy According To Billionaire Jim Simons

2. Alector, Inc. (NASDAQ:ALEC)

Jim Simons’ Euclidean Capital’s Stake Value: $22,384,000

Percentage of Jim Simons’ Euclidean Capital’s 13F Portfolio: 10.88%

Number of Hedge Funds: 20

Alector, Inc. (NASDAQ:ALEC) is a South Francisco, California-based corporation working towards stopping neurodegeneration by combining the power of human genetics, immunology, and neurosciences and leading the immuno-neurology segment. The company is developing treatments for neurodegenerative ailments like Alzheimer’s, amyotrophic lateral sclerosis, frontotemporal dementia, and Parkinson’s. Alector, Inc. (NASDAQ:ALEC) gained prominence in the biotech space after it arrived at a major drug development deal with GlaxoSmithKline plc (NYSE:GSK) in July 2021.

On September 27, Myles Minter at William Blair initiated coverage on Alector, Inc. (NASDAQ:ALEC) with an Outperform rating and gave the stock a target price of $33, reflecting a potential upside of over 107% as of January 28. The analyst sees Alector, Inc. (NASDAQ:ALEC) becoming a leader in the field of neurology as it is working on developing neuro-immunology by bringing in genetic insights found in chronic neurodegenerative disorders.

Alector, Inc. (NASDAQ:ALEC) became a part of Euclidean Capital’s portfolio in Q4 2020, and since then, there has been no increase or decrease in the holdings.