SOUTH SAN FRANCISCO, Calif. (AP) — SOUTH SAN FRANCISCO, Calif. (AP) — Alector Inc. (ALEC) on Thursday reported third-quarter net income of $124.6 million, after reporting a loss in the same period a year earlier.

The South San Francisco, California-based company said it had net income of $1.11 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 23 cents per share.

The biotechnology company posted revenue of $162.9 million in the period.

In the final minutes of trading on Thursday, the company's shares hit $2.09. A year ago, they were trading at $1.26.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ALEC at https://www.zacks.com/ap/ALEC