ALX Oncology (NASDAQ:ALXO) Earns Buy Rating from Analysts at UBS Group

UBS Group started coverage on shares of ALX Oncology (NASDAQ:ALXO) in a research note released on Friday morning. The brokerage issued a buy rating and a $6.00 target price on the stock.

A number of other equities research analysts also recently weighed in on ALXO. Wall Street Zen raised ALX Oncology from a “sell” rating to a “hold” rating in a report on Monday, December 22nd. Jefferies Financial Group initiated coverage on ALX Oncology in a report on Thursday, November 13th. They issued a “buy” rating and a $4.00 target price for the company. Piper Sandler raised their target price on ALX Oncology from $3.00 to $4.00 and gave the stock an “overweight” rating in a research report on Thursday, February 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ALX Oncology in a research note on Wednesday, January 21st. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, ALX Oncology presently has an average rating of “Moderate Buy” and an average price target of $4.00.

ALX Oncology Trading Up 3.8%

Shares of ALXO stock opened at $2.21 on Friday. The firm has a fifty day moving average of $1.78 and a 200-day moving average of $1.56. The stock has a market cap of $119.82 million, a price-to-earnings ratio of -1.16 and a beta of 0.47. ALX Oncology has a 52-week low of $0.40 and a 52-week high of $2.66. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.40 and a current ratio of 2.40.

ALX Oncology (NASDAQ:ALXO) last issued its earnings results on Friday, February 27th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.38) by ($0.04). On average, equities research analysts forecast that ALX Oncology will post -2.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Corey S. Goodman acquired 3,184,713 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were purchased at an average cost of $1.57 per share, with a total value of $4,999,999.41. Following the completion of the purchase, the director owned 8,453,038 shares of the company’s stock, valued at $13,271,269.66. This represents a 60.45% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 21.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Seven Fleet Capital Management LP bought a new stake in ALX Oncology during the 4th quarter worth approximately $133,000. Bridgeway Capital Management LLC increased its holdings in ALX Oncology by 111.3% during the 4th quarter. Bridgeway Capital Management LLC now owns 76,072 shares of the company’s stock valued at $86,000 after purchasing an additional 40,072 shares in the last quarter. State Street Corp increased its holdings in ALX Oncology by 11.0% during the 4th quarter. State Street Corp now owns 124,228 shares of the company’s stock valued at $140,000 after purchasing an additional 12,300 shares in the last quarter. Renaissance Technologies LLC raised its position in ALX Oncology by 157.2% in the 4th quarter. Renaissance Technologies LLC now owns 423,099 shares of the company’s stock valued at $478,000 after purchasing an additional 258,600 shares during the last quarter. Finally, Ameriprise Financial Inc. bought a new position in ALX Oncology in the 3rd quarter valued at $1,195,000. 97.97% of the stock is owned by institutional investors and hedge funds.

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.