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In a stark reflection of the volatile biotech sector, Alx Oncology Holdings Inc. (ALXO) stock has plummeted to its 52-week low, trading at a mere $0.96. While the company maintains a healthy current ratio of 4.82 and holds more cash than debt, InvestingPro data reveals concerning cash burn rates. This significant downturn marks a distressing period for the company, as it grapples with a staggering 1-year change of -93.36%. Investors have watched with concern as the stock has consistently underperformed, shedding a substantial portion of its value over the past year. The current price level serves as a critical juncture for ALXO, as market watchers and stakeholders alike assess the company’s strategic moves to recover from this low point. Despite the current market cap of just $51.69 million, analyst price targets range from $2 to $8, suggesting potential upside. InvestingPro subscribers can access 12 additional key insights about ALXO’s financial health and future prospects.
In other recent news, ALX Oncology reported favorable results from its ASPEN-06 Phase 2 clinical trial, showcasing significant tumor responses in patients with HER2-positive advanced gastric cancer. The trial demonstrated an overall response rate of 41.3% in the intent-to-treat population, with particularly promising outcomes for patients with confirmed HER2-positive cancer, achieving an ORR of 48.9%. These findings were presented at the ASCO Gastrointestinal Cancers Symposium, highlighting the potential of evorpacept in combination with other cancer therapies. Following this, UBS adjusted its price target for ALX Oncology to $2.20, maintaining a Buy rating, while H.C. Wainwright reduced its target to $5, also keeping a Buy rating. Stifel analysts maintained a Hold rating with a $3 target, emphasizing the importance of upcoming strategic announcements. Cantor Fitzgerald reaffirmed its Overweight rating, noting the positive Phase 2 results as a significant step for the company. The U.S. FDA has granted Fast Track designation for evorpacept, underscoring the need for new therapies in treating HER2-positive gastric cancer.
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