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In a challenging market environment, Alx Oncology Holdings Inc. (ALXO) stock has recorded a new 52-week low, dipping to $0.65. According to InvestingPro data, while the company maintains a strong current ratio of 7.26 and holds more cash than debt, it faces significant operational challenges. This latest price level reflects a significant downturn for the company, which has seen its stock value plummet by -94.28% over the past year. Investors have been closely monitoring ALXO as it navigates through a period marked by volatility and uncertainty in the biotechnology sector. The company’s market capitalization has contracted to just $33.63 million, with analysts setting price targets ranging from $1.50 to $5.00. The steep decline to this year’s low underscores the hurdles the company faces, as it strives to regain momentum and investor confidence. InvestingPro subscribers can access 10 additional key insights about ALXO’s financial health and future prospects.
In other recent news, ALX Oncology has made several strategic announcements and adjustments. The company disclosed a significant workforce reduction of about 30%, primarily affecting research and preclinical development employees, to prioritize its product pipeline and preserve cash. This restructuring is expected to be completed by May 2025, with anticipated severance costs of approximately $2.2 million. Additionally, ALX Oncology announced the departure of its President and Chief Scientific Officer, Dr. Jaume Pons, slated for April 2025.
On the financial analysis front, Jefferies upgraded ALX Oncology’s stock from Hold to Buy, raising the price target to $3.00, citing a favorable risk/reward balance. Conversely, Stifel adjusted their price target to $1.50 while maintaining a Hold rating, expressing concerns over development strategies and regulatory risks. UBS also revised its target to $2.20 but maintained a Buy rating, noting the potential benefits of evorpacept despite mixed results from the ASPEN-06 study.
The company’s recent clinical trial data, particularly from the HER2+ gastric cancer study, showed promise in combination therapies, although uncertainties remain regarding future strategies. Investors are keenly watching for further updates, especially with expected discussions with the FDA and additional trial results in the coming months.
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