ALX Oncology Holdings Inc. (NASDAQ: ALXO) has been assigned an average target price of $3.30 by several brokerages, reflecting a mixed outlook following recent analyst assessments. According to Marketbeat Ratings, the company has received a “Moderate Buy” rating from seven research firms, with one analyst issuing a sell rating, another a hold rating, and five giving it a buy rating.
The average twelve-month price target across these brokerages stands at $3.50. Notably, Jefferies Financial Group recently began coverage on ALX Oncology, setting a price objective of $4.00 while recommending a buy rating. In contrast, Weiss Ratings reiterated a “sell (d-)” rating in a research note dated October 8, 2023.
Recent Earnings and Insider Transactions
ALX Oncology reported its quarterly earnings on November 7, 2023, revealing a loss of ($0.41) earnings per share (EPS). This figure fell short of analysts’ consensus estimate of ($0.37) by $0.04. Analysts predict that ALX Oncology will report an EPS of -$2.76 for the current fiscal year.
In a significant insider transaction, CEO Jason Lettmann purchased 71,163 shares of the company’s stock on September 17, 2023. The shares were acquired at an average price of $1.08, totaling approximately $76,856. Following this acquisition, Lettmann’s ownership in ALX Oncology increased to 305,121 shares, valued at around $329,530.68. This transaction indicates a 30.42% increase in his position within the company. The details of this trade were disclosed in a filing with the Securities and Exchange Commission (SEC).
Institutional Investor Activity
Recent movements among institutional investors further illustrate interest in ALX Oncology. Invesco Ltd. established a new position in the first quarter of 2023, valued at approximately $46,000. Additionally, Bridgeway Capital Management LLC and AQR Capital Management LLC acquired new stakes valued at about $66,000 and $74,000, respectively. AQR Capital Management notably increased its holdings by 183.6%, acquiring an additional 77,065 shares during the last quarter.
Jane Street Group LLC and Nuveen LLC also invested in ALX Oncology, with stakes valued at $84,000 and $103,000, respectively. Currently, institutional investors and hedge funds own approximately 97.97% of the company’s stock.
ALX Oncology focuses on developing innovative immuno-oncology therapies aimed at treating cancer patients in the United States. Its lead product candidate, Evorpacept, is a CD47 blocking therapeutic biologic currently undergoing clinical studies in combination with other anti-cancer agents. The company is actively involved in several clinical trials, including ASPEN-06 for gastric and gastroesophageal junction cancers, ASPEN-07 for urothelial cancer, and ASPEN-03 and ASPEN-04 for head and neck squamous cell carcinoma.
As ALX Oncology navigates its financial and operational landscape, the coming months will be crucial for both the company and its investors.
