ALX Oncology (NASDAQ:ALXO) Lowered to "Sell" Rating by Wall Street Zen

Key Points

• ALX Oncology (NASDAQ:ALXO) was downgraded by Wall Street Zen from a "hold" to a "sell" rating in a research note issued Saturday.
• Despite the downgrade, the MarketBeat consensus remains a "Moderate Buy" based on five Buy and one Sell analyst ratings and a consensus price target of $4.60, with individual targets from $4.00 to $6.00.
• Insider activity: Director Corey S. Goodman bought 3,184,713 shares at about $1.57 each (~$5.0M), increasing his stake by 60.45%, while CEO Jason Lettmann sold 12,311 shares for roughly $26,715.

ALX Oncology (NASDAQ:ALXO - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday.

ALXO has been the topic of a number of other reports. Wells Fargo & Company initiated coverage on shares of ALX Oncology in a research report on Thursday, March 19th. They set an "overweight" rating and a $5.00 price objective on the stock. HC Wainwright reissued a "buy" rating and set a $4.00 target price on shares of ALX Oncology in a research note on Tuesday, March 10th. Piper Sandler lifted their target price on shares of ALX Oncology from $3.00 to $4.00 and gave the company an "overweight" rating in a research note on Thursday, February 5th. UBS Group began coverage on shares of ALX Oncology in a report on Friday, March 6th. They set a "buy" rating and a $6.00 price target on the stock. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ALX Oncology in a research note on Wednesday, January 21st. Five analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, ALX Oncology has a consensus rating of "Moderate Buy" and a consensus price target of $4.60.

ALX Oncology Stock Down 0.6%

Shares of ALX Oncology stock opened at $1.67 on Friday. ALX Oncology has a 12-month low of $0.40 and a 12-month high of $2.66. The firm has a market capitalization of $219.79 million, a PE ratio of -0.88 and a beta of 0.49. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.17. The stock's fifty day moving average is $2.10 and its 200-day moving average is $1.71.

ALX Oncology (NASDAQ:ALXO - Get Free Report) last issued its quarterly earnings results on Monday, March 9th. The company reported ($0.42) earnings per share for the quarter. Equities analysts anticipate that ALX Oncology will post -2.76 earnings per share for the current year.

Insider Activity at ALX Oncology

In other ALX Oncology news, Director Corey S. Goodman purchased 3,184,713 shares of the company's stock in a transaction dated Monday, February 2nd. The shares were bought at an average price of $1.57 per share, for a total transaction of $4,999,999.41. Following the purchase, the director directly owned 8,453,038 shares in the company, valued at $13,271,269.66. This trade represents a 60.45% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jason Lettmann sold 12,311 shares of the firm's stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $2.17, for a total transaction of $26,714.87. Following the transaction, the chief executive officer owned 293,609 shares in the company, valued at $637,131.53. This represents a 4.02% decrease in their position. The SEC filing for this sale provides additional information. 21.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ALX Oncology

Several hedge funds have recently bought and sold shares of ALXO. Invesco Ltd. bought a new position in ALX Oncology during the first quarter valued at about $46,000. AQR Capital Management LLC boosted its stake in shares of ALX Oncology by 183.6% during the 1st quarter. AQR Capital Management LLC now owns 119,050 shares of the company's stock worth $74,000 after acquiring an additional 77,065 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of ALX Oncology by 16.8% during the 1st quarter. Acadian Asset Management LLC now owns 1,296,331 shares of the company's stock valued at $806,000 after acquiring an additional 186,883 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of ALX Oncology during the 2nd quarter valued at about $84,000. Finally, Bridgeway Capital Management LLC bought a new position in shares of ALX Oncology in the 3rd quarter valued at approximately $66,000. 97.97% of the stock is owned by institutional investors and hedge funds.

ALX Oncology Company Profile

ALX Oncology, Inc is a clinical-stage biopharmaceutical company headquartered in Redwood City, California, focused on developing next-generation immuno-oncology therapies. The company's mission is to harness and amplify both innate and adaptive immune responses to improve outcomes for patients with a range of solid tumors and hematologic malignancies.

The lead candidate in ALX Oncology's pipeline is evorpacept (ALX148), a high-affinity CD47-blocking Fc-silenced fusion protein designed to enhance macrophage-mediated phagocytosis of cancer cells when combined with standard therapeutic antibodies or immune checkpoint inhibitors.

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