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In a recent transaction, Jaume Pons, the President and Chief Scientific Officer of ALX Oncology Holdings Inc. (NASDAQ:ALXO), sold 10,796 shares of the company's common stock. The micro-cap biotech firm, currently valued at $82.8 million, has seen its stock decline by 88.5% over the past year. The shares were sold at a weighted average price of approximately $1.5802, totaling $17,059. This sale was conducted on December 30, 2024, primarily to satisfy tax obligations related to the vesting of restricted stock units. Following the transaction, Pons holds 580,714 shares directly. According to InvestingPro analysis, the company currently shows signs of being undervalued, despite facing challenges with rapid cash burn and weak financial health scores.
In other recent news, ALX Oncology has been in the spotlight following a series of significant developments. The company's stock was downgraded from 'Buy' to 'Hold' by Jefferies, citing concerns over the company's 2025 readouts and declining efficacy in the latter part of a Phase II gastric cancer study. This downgrade represents a reassessment of ALX Oncology's potential market performance based on recent clinical trial outcomes.
In contrast, Stifel maintained its 'Hold' rating on ALX Oncology shares following the release of positive results from a clinical trial involving ALX Oncology's evo and JAZZ Pharmaceuticals' zanidatamab. This trial demonstrated an impressive response rate in patients with HER2-positive metastatic breast cancer, leading to the advancement of evo into the second-line treatment setting.
Adding to the recent developments, ALX Oncology announced the resignation of its Chief Medical (TASE:PMCN) Officer, Sophia Randolph. Despite her departure, Dr. Randolph will continue to provide consulting services to ALX Oncology for up to 18 months. The company has begun the search for her replacement.
Furthermore, ALX Oncology reported encouraging results from its Phase 2 ASPEN-06 clinical trial, which evaluated the efficacy of evorpacept in patients with HER2-positive advanced gastric or gastroesophageal junction cancer. The U.S. Food and Drug Administration also granted Fast Track designation to evorpacept for the treatment of HER2-positive gastric or GEJ carcinoma. These are the recent developments in ALX Oncology.
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