Wells Fargo & Company Initiates Coverage on ALX Oncology (NASDAQ:ALXO)

Research analysts at Wells Fargo & Company began coverage on shares of ALX Oncology (NASDAQ:ALXO) in a report released on Thursday, Marketbeat reports. The firm set an “overweight” rating and a $5.00 price target on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 129.36% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Wall Street Zen raised shares of ALX Oncology from a “sell” rating to a “hold” rating in a research note on Monday, December 22nd. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 target price on shares of ALX Oncology in a report on Tuesday, March 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ALX Oncology in a research note on Wednesday, January 21st. UBS Group started coverage on ALX Oncology in a report on Friday, March 6th. They set a “buy” rating and a $6.00 price target on the stock. Finally, Piper Sandler boosted 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 equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $4.60.

ALX Oncology Trading Down 0.5%

Shares of NASDAQ:ALXO opened at $2.18 on Thursday. The stock has a 50 day moving average of $1.96 and a 200 day moving average of $1.62. The company has a market cap of $118.20 million, a PE ratio of -1.15 and a beta of 0.47. ALX Oncology has a 12-month low of $0.40 and a 12-month 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.

ALX Oncology (NASDAQ:ALXO) last released its earnings results on Monday, March 9th. The company reported ($0.42) EPS for the quarter. As a group, equities research analysts expect that ALX Oncology will post -2.76 EPS for the current year.

Insider Transactions at ALX Oncology

In other news, Director Corey S. Goodman acquired 3,184,713 shares of ALX Oncology stock in a transaction on Monday, February 2nd. The shares were acquired at an average price of $1.57 per share, with a total value of $4,999,999.41. Following the purchase, the director directly owned 8,453,038 shares in the company, valued at $13,271,269.66. The trade was a 60.45% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 21.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Ameriprise Financial Inc. purchased a new position in shares of ALX Oncology in the third quarter valued at $1,195,000. Renaissance Technologies LLC raised its stake in ALX Oncology by 157.2% during the fourth 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 in the last quarter. Jane Street Group LLC purchased a new stake in ALX Oncology during the second quarter valued at $84,000. Acadian Asset Management LLC lifted its position in ALX Oncology by 16.8% during the first quarter. Acadian Asset Management LLC now owns 1,296,331 shares of the company’s stock valued at $806,000 after purchasing an additional 186,883 shares during the last quarter. Finally, Two Sigma Investments LP lifted its position in ALX Oncology by 26.9% during the third quarter. Two Sigma Investments LP now owns 606,671 shares of the company’s stock valued at $1,110,000 after purchasing an additional 128,737 shares during the last quarter. 97.97% of the stock is currently owned by institutional investors.

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.