ALX Oncology Holdings Inc. (NASDAQ:ALXO) Short Interest Down 37.5% in May

ALX Oncology Holdings Inc. (NASDAQ:ALXO) was the target of a large decrease in short interest in the month of May. As of May 15th, there was short interest totaling 1,380,136 shares, a decrease of 37.5% from the April 30th total of 2,206,868 shares. Approximately 1.3% of the shares of the stock are sold short. Based on an average daily volume of 713,775 shares, the days-to-cover ratio is presently 1.9 days.

ALX Oncology Stock Performance

Shares of ALX Oncology stock opened at $1.78 on Wednesday. The firm has a market cap of $239.52 million, a P/E ratio of -1.19 and a beta of 0.44. The company has a current ratio of 7.21, a quick ratio of 7.21 and a debt-to-equity ratio of 0.02. ALX Oncology has a 12 month low of $0.40 and a 12 month high of $2.66. The stock’s fifty day moving average price is $1.89 and its 200-day moving average price is $1.75.

ALX Oncology (NASDAQ:ALXO) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.02). On average, equities research analysts expect that ALX Oncology will post -0.66 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ALXO shares. Wall Street Zen upgraded ALX Oncology from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. UBS Group assumed coverage on ALX Oncology in a research note on Friday, March 6th. They set a “buy” rating and a $6.00 price target on the stock. Piper Sandler raised their price target on 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 restated a “buy” rating and set a $4.00 price target on shares of ALX Oncology in a research note on Tuesday, March 10th. Finally, Wells Fargo & Company assumed coverage on ALX Oncology in a research note on Thursday, March 19th. They set an “overweight” rating and a $5.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $4.60.

Insider Activity

In related news, CEO Jason Lettmann sold 12,311 shares of the stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $2.17, for a total transaction of $26,714.87. Following the sale, the chief executive officer owned 293,609 shares in the company, valued at approximately $637,131.53. This represents a 4.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 21.00% of the stock is owned by company insiders.

Institutional Trading of ALX Oncology

Several large investors have recently added to or reduced their stakes in ALXO. Invesco Ltd. purchased a new stake in ALX Oncology in the 1st quarter valued at $46,000. AQR Capital Management LLC lifted its holdings in ALX Oncology by 183.6% in the first quarter. AQR Capital Management LLC now owns 119,050 shares of the company’s stock valued at $74,000 after acquiring an additional 77,065 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of 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 purchasing an additional 186,883 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of ALX Oncology during the 2nd quarter worth about $84,000. Finally, Bridgeway Capital Management LLC acquired a new stake in shares of ALX Oncology during the 3rd quarter worth about $66,000. 97.97% of the stock is currently owned by hedge funds and other 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.