ALX Oncology jumps as share offering priced at no discount

ALX Oncology Holdings

05/10/2023 14:08

** ALX Oncology's  ALXO.O  shares up 6.9% at $6.82 premarket
after overnight follow-on prices
    ** Co sells ~8.6 mln shares (including pre-funded warrants)
at $6.38, inline with stock's last sale on Weds, for $55 mln
raise
    ** On Tues, ALXO shares surged 56% to close at $7.51 after
co reported positive data for its stomach cancer drug in
mid-stage trial
    ** Co to use net offering proceeds to fund the drug's
development
    ** With ~41 mln shares outstanding, co has ~$263 mln market
cap
    ** Through Weds close, stock off 43% YTD
    ** Piper Sandler and Cantor Fitzgerald joint lead
bookrunners for equity offering, joined by UBS

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))