ALX Oncology Holdings Inc. (NASDAQ:ALXO) has received a positive outlook from analysts, with an average target price of $3.30 per share. This rating reflects a consensus of “Moderate Buy” from seven research firms currently covering the company, according to MarketBeat Ratings. One analyst has assigned a sell rating, one a hold rating, while five others have indicated a buy rating for the company.
The average twelve-month price target among these brokerages stands at $3.50. Recent reports indicate that Jefferies Financial Group initiated coverage on ALX Oncology, assigning a “buy” rating with a price objective of $4.00. In contrast, Weiss Ratings reaffirmed a “sell (d-)” rating for the stock in a report dated October 8, 2023.
Recent Performance and Earnings Report
ALX Oncology’s stock experienced a notable increase of 13.1% recently. The company released its quarterly earnings data on November 7, 2023, reporting an earnings per share (EPS) of ($0.41), which fell short of analyst expectations of ($0.37) by $0.04. Sell-side analysts forecast that ALX Oncology will report an EPS of -$2.76 for the current fiscal year.
In a significant move, CEO Jason Lettmann acquired 71,163 shares of ALX Oncology on September 17, 2023. The shares were purchased at an average price of $1.08 each, totaling approximately $76,856. Following this transaction, Lettmann’s ownership increased to 305,121 shares, valued at around $329,530. This purchase reflects a 30.42% increase in his stake in the company.
Institutional Investments in ALX Oncology
Institutional investors have been active, adjusting their stakes in ALX Oncology. Invesco Ltd. established a new position in the company in the first quarter, valued at approximately $46,000. Bridgeway Capital Management LLC also acquired shares in the third quarter, investing around $66,000. Notably, AQR Capital Management LLC increased its holdings by 183.6% during the first quarter, now owning 119,050 shares worth about $74,000 after purchasing an additional 77,065 shares. Jane Street Group LLC and Nuveen LLC also entered new positions in the company, investing approximately $84,000 and $103,000, respectively.
Currently, institutional investors and hedge funds collectively own 97.97% of ALX Oncology’s stock, highlighting strong institutional confidence in the company’s future.
ALX Oncology is a clinical-stage immuno-oncology company focused on developing therapies for cancer patients in the United States. The company’s lead product candidate, Evorpacept, is a CD47 blocking therapeutic biologic under development as a combination therapy with other anti-cancer agents. Its ongoing clinical studies include ASPEN-06 and ASPEN-07 for gastric/GEJ cancer and urothelial cancer, respectively, as well as ASPEN-03 and ASPEN-04 for head and neck squamous cell carcinoma.
As ALX Oncology continues to navigate the evolving landscape of cancer treatment, investor interest and analyst ratings will likely play a critical role in its trajectory.
