ALX Oncology (NASDAQ:ALXO) Stock Price Up 3% - Here's What Happened

Key Points

• ALX Oncology shares rose 3% to $1.39, with trading volume reaching about 1.34 million shares, roughly 22% above the average session volume.
• Analyst sentiment remains broadly positive: five analysts rate the stock Buy and one rates it Sell, producing a consensus “Moderate Buy” rating and a $4.60 price target.
• Institutional investors own approximately 97.97% of the company, while ALX Oncology continues developing evorpacept, an investigational cancer therapy targeting the CD47-SIRPα immune checkpoint pathway.

Shares of ALX Oncology Holdings Inc. (NASDAQ:ALXO - Get Free Report) rose 3% on Wednesday. The stock traded as high as $1.46 and last traded at $1.39. 1,343,748 shares traded hands during trading, an increase of 22% from the average session volume of 1,099,515 shares. The stock had previously closed at $1.35.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded ALX Oncology from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, September 17th. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $4.60.

ALX Oncology Stock Up 3.0%

The company has a market capitalization of $192.21 million, a P/E ratio of -1.23 and a beta of 0.39. The company has a current ratio of 9.71, a quick ratio of 9.71 and a debt-to-equity ratio of 0.07. The stock's fifty day moving average is $1.88 and its 200 day moving average is $1.88.

ALX Oncology (NASDAQ:ALXO - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.14) by $0.01. Research analysts predict that ALX Oncology Holdings Inc. will post -0.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ALXO. Beacon Pointe Advisors LLC bought a new position in ALX Oncology during the 2nd quarter valued at approximately $26,000. Callan Family Office LLC bought a new stake in shares of ALX Oncology in the 2nd quarter worth approximately $46,000. The Manufacturers Life Insurance Company purchased a new position in shares of ALX Oncology during the second quarter valued at approximately $64,000. AXQ Capital LP purchased a new position in shares of ALX Oncology during the second quarter valued at approximately $84,000. Finally, Squarepoint Ops LLC bought a new position in shares of ALX Oncology during the second quarter valued at approximately $97,000. Hedge funds and other institutional investors own 97.97% of the company's stock.

About ALX Oncology

ALX Oncology Holdings Inc is a clinical-stage biotechnology company focused on developing therapies that activate the immune system to fight cancer. The company's approach targets the CD47-SIRPα pathway, an innate immune checkpoint that cancer cells can use to avoid being identified and destroyed by macrophages and other immune cells.

ALX Oncology's lead product candidate is evorpacept, formerly known as ALX148. Evorpacept is an investigational fusion protein designed to block the CD47 “don't eat me” signal while limiting the binding of normal blood cells.

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