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In a year marked by significant volatility, Alx Oncology Holdings Inc. (ALXO) stock has recorded a new 52-week low, dipping to $2.72. The oncology-focused biopharmaceutical company, which has been navigating a tough market environment, has seen its shares plummet over the past year, reflecting a stark 1-year change with a decrease of 50.44%. Investors have been closely monitoring ALXO as it reaches this price level, considering the broader implications for the biotech sector and the company's future prospects amidst ongoing industry pressures and investor sentiment.
In other recent news, ALX Oncology Holdings Inc. has reported positive results from its Phase 2 ASPEN-06 clinical trial. The trial evaluated the effectiveness of its investigational CD47-blocking therapeutic, evorpacept, in treating patients with HER2-positive advanced gastric or gastroesophageal junction cancer. The results showed a significant increase in the overall response rate and duration of response when evorpacept was added to the treatment regimen.
The company also announced the outcomes of its Annual Meeting of stockholders, where key proposals were approved, including the election of directors and executive compensation. Additionally, KPMG LLP was ratified as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
Analyst firms UBS and Stifel maintained their 'Buy' and 'Hold' ratings respectively for ALX Oncology, following the promising results of the ASPEN-07 study. Piper Sandler also reaffirmed its Overweight rating on ALX Oncology, following the review of the ASPEN-07 Phase 1a study data for evorpacept in combination with Padcev for the treatment of urothelial carcinoma.
Finally, ALX Oncology recently appointed Allison Dillon, Ph.D., as its new Chief Business Officer, a move expected to be instrumental as the company prepares for multiple clinical study outcomes within the next year. These are the recent developments in ALX Oncology.
InvestingPro Insights
Alx Oncology Holdings Inc. (ALXO) has faced a challenging period, with its market capitalization adjusted to $144.32 million. Current metrics indicate a negative Price to Earnings (P/E) ratio of -0.77, suggesting that investors are wary of the company's earnings potential. Furthermore, the stock's performance has been underwhelming, with a 1-week price total return of -53.72%, and a 6-month return of -80.95%. Despite these hurdles, two notable InvestingPro Tips offer a glimpse into the company's financial health: ALXO holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations, potentially positioning it for resilience in the face of market volatility. For a more comprehensive analysis, there are additional InvestingPro Tips available for ALXO, which can be explored for deeper insights into the company's financial standing and future outlook.
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