Redmile Group LLC Acquires 4,699,470 Shares of ALX Oncology Holdings Inc. $ALXO

Key Points

• Redmile Group increased its ALX Oncology stake by 143.9% in the first quarter, adding 4.7 million shares to own 7.96 million shares, or approximately 5.92% of the company. Institutional investors collectively hold nearly 98% of ALXO stock.
• ALXO shares opened at $1.99, while the company reported a quarterly loss of $0.17 per share—$0.02 worse than analyst expectations. Analysts forecast a full-year loss of $0.66 per share.
• Analyst sentiment remains mixed but leans positive, with five Buy ratings and one Sell rating producing a “Moderate Buy” consensus and an average price target of $4.60, compared with the current share price.

Redmile Group LLC boosted its holdings in ALX Oncology Holdings Inc. (NASDAQ:ALXO - Free Report) by 143.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,964,188 shares of the company's stock after acquiring an additional 4,699,470 shares during the quarter. ALX Oncology accounts for about 1.1% of Redmile Group LLC's investment portfolio, making the stock its 15th biggest position. Redmile Group LLC owned about 5.92% of ALX Oncology worth $15,968,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Invesco Ltd. acquired a new stake in ALX Oncology during the first quarter valued at approximately $46,000. AQR Capital Management LLC lifted its position 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 buying an additional 77,065 shares during the period. Acadian Asset Management LLC boosted its stake in ALX Oncology by 16.8% in the 1st quarter. Acadian Asset Management LLC now owns 1,296,331 shares of the company's stock valued at $806,000 after buying an additional 186,883 shares in the last quarter. Jane Street Group LLC bought a new stake in ALX Oncology in the second quarter valued at $84,000. Finally, Bridgeway Capital Management LLC bought a new stake in ALX Oncology in the third quarter valued at $66,000. Institutional investors own 97.97% of the company's stock.

ALX Oncology Stock Down 1.5%

Shares of ALXO opened at $1.99 on Wednesday. The company has a market capitalization of $267.77 million, a P/E ratio of -1.34 and a beta of 0.42. ALX Oncology Holdings Inc. has a one year low of $0.51 and a one year high of $2.66. The business's 50 day simple moving average is $1.88 and its 200-day simple moving average is $1.90. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.21 and a quick ratio of 7.21.

ALX Oncology (NASDAQ:ALXO - Get Free Report) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.02). As a group, sell-side analysts predict that ALX Oncology Holdings Inc. will post -0.66 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ALXO shares. Weiss Ratings reissued a "sell (d-)" rating on shares of ALX Oncology in a report on Friday, June 26th. Wall Street Zen upgraded shares of ALX Oncology from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Five analysts have rated the stock with a Buy rating and one has issued 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.

ALX Oncology 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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