ALX Oncology (NASDAQ:ALXO) Earns Overweight Rating from Analysts at Wells Fargo & Company

Research analysts at Wells Fargo & Company began coverage on shares of ALX Oncology (NASDAQ:ALXO) in a report issued on Thursday, MarketBeat.com reports. The firm set an “overweight” rating and a $5.00 price target on the stock. Wells Fargo & Company‘s price target points to a potential upside of 132.56% from the stock’s previous close.

ALXO has been the subject of several other reports. Wall Street Zen raised ALX Oncology from a “sell” rating to a “hold” rating in a report on Monday, December 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ALX Oncology in a report on Wednesday, January 21st. Piper Sandler increased their price objective on shares of ALX Oncology from $3.00 to $4.00 and gave the company an “overweight” rating in a research note on Thursday, February 5th. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of ALX Oncology in a research note on Tuesday, March 10th. Finally, UBS Group began coverage on ALX Oncology in a research note on Friday, March 6th. They issued a “buy” rating and a $6.00 price target for the company. Five analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, ALX Oncology presently has an average rating of “Moderate Buy” and an average target price of $4.60.

ALX Oncology Stock Down 0.9%

ALXO stock opened at $2.15 on Thursday. ALX Oncology has a 1-year low of $0.40 and a 1-year high of $2.66. The business’s 50 day simple moving average is $1.93 and its 200 day simple moving average is $1.61. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $116.57 million, a PE ratio of -1.13 and a beta of 0.47.

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

Insiders Place Their Bets

In related news, Director Corey S. Goodman bought 3,184,713 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was acquired at an average cost of $1.57 per share, with a total value of $4,999,999.41. Following the transaction, the director directly owned 8,453,038 shares in the company, valued at approximately $13,271,269.66. This trade represents a 60.45% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 21.00% of the stock is owned by insiders.

Institutional Investors Weigh In On ALX Oncology

Several large investors have recently modified their holdings of the company. Jane Street Group LLC purchased a new stake in shares of ALX Oncology during the second quarter valued at approximately $84,000. Bridgeway Capital Management LLC grew its position in shares of ALX Oncology by 111.3% in the fourth 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. Two Sigma Investments LP raised its stake in shares of ALX Oncology by 26.9% during the 3rd 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 period. Ameriprise Financial Inc. purchased a new stake in ALX Oncology during the 3rd quarter worth about $1,195,000. Finally, Acadian Asset Management LLC increased its holdings in ALX Oncology by 16.8% during the 1st quarter. Acadian Asset Management LLC now owns 1,296,331 shares of the company’s stock worth $806,000 after acquiring an additional 186,883 shares during the period. 97.97% of the stock is currently 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.