ALX Oncology (NASDAQ:ALXO) Posts Earnings Results, Misses Expectations By $0.02 EPS

Key Points

• ALX Oncology reported quarterly EPS of ($0.17), missing analysts’ expectations of ($0.15) by $0.02.
• The company highlighted encouraging early clinical data for evorpacept + zanidatamab, including a 100% confirmed response in a small HER2+/CD47-high breast cancer subgroup and results that support CD47 as a potential predictive biomarker.
• ALX2004, the company’s EGFR-targeted ADC, is moving through Phase I dose escalation and is still targeting an initial safety readout in H2 2026, while the stock jumped 11.2% after the report.

ALX Oncology (NASDAQ:ALXO - Get Free Report) announced its quarterly earnings data on Friday. The company reported ($0.17) EPS for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.02), FiscalAI reports.

Here are the key takeaways from ALX Oncology's conference call:

• The ESMO Breast dataset showed that the evorpacept + zanidatamab combination produced strong activity in heavily pretreated HER2+ patients, with centrally confirmed HER2+ / CD47-high tumors (n=5) achieving a 100% confirmed response, a median duration of response of ~20 months, and a CD47≥20% subgroup median PFS of ~22 months.
• These breast results are consistent with the randomized ASPEN-06 gastric trial, where the CD47-high subset showed higher ORRs (up to ~65%), long DOR (~25.5 months) and a PFS benefit (median ~18.4 months; HR ~0.39), supporting CD47 as a predictive biomarker across indications.
• The company reports strong execution and runway — ASPEN-09 (single-arm breast Phase II) is enrolling well with an interim readout of ~80 patients planned mid-2027 to validate CD47 cutoffs, supported by a February financing and the hire of experienced CDO/COO Jeff Knight.
• Second program ALX2004, a differentiated EGFR-targeted ADC, is advancing in Phase I dose escalation (doses up to 4 mg/kg reported) and remains on track for an initial safety readout in H2 2026, representing a separate near-term catalyst.
• Important caveats remain — the CD47 biomarker analyses are small and exploratory (very small n in key subgroups), the optimal IHC cutoff is unresolved, and the company notes that a registrational Phase III (rather than accelerated approval) is the base-case regulatory path, adding development and regulatory risk.

ALX Oncology Stock Up 11.2%

Shares of ALXO traded up $0.21 during midday trading on Friday, reaching $2.08. 998,148 shares of the company were exchanged, compared to its average volume of 817,265. The stock has a 50-day moving average price of $1.94 and a 200-day moving average price of $1.70. The company has a market cap of $279.88 million, a price-to-earnings ratio of -1.09 and a beta of 0.41. ALX Oncology has a 1-year low of $0.40 and a 1-year high of $2.66. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.17.

Insider Activity at ALX Oncology

In other ALX Oncology news, CEO Jason Lettmann sold 12,311 shares of the business's stock in a transaction dated Thursday, March 19th. The stock was 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. The trade was a 4.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 21.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Ameriprise Financial Inc. acquired a new position in shares of ALX Oncology during the third quarter worth about $1,195,000. Two Sigma Investments LP lifted its stake in shares of ALX Oncology by 26.9% in the third quarter. Two Sigma Investments LP now owns 606,671 shares of the company's stock worth $1,110,000 after acquiring an additional 128,737 shares in the last quarter. Acadian Asset Management LLC lifted its stake in shares of ALX Oncology by 16.8% in the first quarter. Acadian Asset Management LLC now owns 1,296,331 shares of the company's stock worth $806,000 after acquiring an additional 186,883 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of ALX Oncology by 157.2% in the fourth quarter. Renaissance Technologies LLC now owns 423,099 shares of the company's stock worth $478,000 after acquiring an additional 258,600 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of ALX Oncology by 11.0% in the fourth quarter. State Street Corp now owns 124,228 shares of the company's stock worth $140,000 after acquiring an additional 12,300 shares in the last quarter. Institutional investors and hedge funds own 97.97% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on ALXO shares. Wall Street Zen downgraded ALX Oncology from a "hold" rating to a "sell" rating in a research report on Saturday, April 18th. HC Wainwright reaffirmed a "buy" rating and issued a $4.00 price objective on shares of ALX Oncology in a research report on Tuesday, March 10th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ALX Oncology in a research report on Wednesday, January 21st. Wells Fargo & Company started coverage on ALX Oncology in a research report on Thursday, March 19th. They issued an "overweight" rating and a $5.00 price objective for the company. Finally, Piper Sandler lifted their price objective on ALX Oncology from $3.00 to $4.00 and gave the company an "overweight" rating in a research report on Thursday, February 5th. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $4.60.

About ALX Oncology

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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