ALX Oncology down as brokerages slash PT over gastric cancer therapy trial data

ALX Oncology Holdings

01/08/2024 16:18

** Shares of drug developer ALX Oncology  ALXO.O  fall 34.9%
to $3.13
    ** Late Wednesday co reported mid-stage trial data for its
lead experimental treatment, evorpacept, in treating a type of
gastric cancer
    ** At least 3 of 7 brokerages covering the stock cut PT
after study results
    ** Evorpacept in combination achieved an overall response
rate (ORR) of 40.3% compared to 26.6% for the control arm
    ** The ORR figure was lower vs. achieved in interim results
from the study reported in October 2023
    ** Brokerage Jefferies cuts PT to $12 from $22; says more
follow-up time and data is needed to get a complete picture
    ** Adds ORR good on topline but driven by interim patients
and not as robust in new patients
    ** Piper Sandler sets new PT of $8 from $21, while Stifel
lowers to $5 from $14
    ** Including session's fall, stock down more than 75% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))