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

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

A number of other research firms also recently commented on ALXO. Wall Street Zen upgraded shares of ALX Oncology from a “sell” rating to a “hold” rating in a research report on Monday, December 22nd. UBS Group initiated coverage on shares of ALX Oncology in a research note on Friday, March 6th. They set a “buy” rating and a $6.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ALX Oncology in a report on Wednesday, January 21st. Piper Sandler raised their price objective on shares of ALX Oncology from $3.00 to $4.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th. Finally, HC Wainwright restated a “buy” rating and issued a $4.00 target price on shares of ALX Oncology in a report on Tuesday, March 10th. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, ALX Oncology currently has an average rating of “Moderate Buy” and an average target price of $4.60.

ALX Oncology Price Performance

Shares of NASDAQ:ALXO opened at $2.15 on Thursday. ALX Oncology has a 52 week low of $0.40 and a 52 week 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. The firm has a market capitalization of $116.57 million, a P/E ratio of -1.13 and a beta of 0.47. The firm’s 50 day moving average is $1.93 and its two-hundred day moving average is $1.61.

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

Insider Transactions at ALX Oncology

In other ALX Oncology news, Director Corey S. Goodman acquired 3,184,713 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was purchased at an average cost of $1.57 per share, for a total transaction of $4,999,999.41. Following the transaction, the director owned 8,453,038 shares of the company’s stock, valued at $13,271,269.66. The trade was a 60.45% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 21.00% of the company’s stock.

Institutional Trading of ALX Oncology

Several institutional investors have recently made changes to their positions in the stock. State Street Corp increased its stake in ALX Oncology by 11.0% in the fourth quarter. State Street Corp now owns 124,228 shares of the company’s stock valued at $140,000 after acquiring an additional 12,300 shares during the period. Bridgeway Capital Management LLC acquired a new position in ALX Oncology during the third quarter worth $66,000. Invesco Ltd. bought a new stake in ALX Oncology during the first quarter worth $46,000. AQR Capital Management LLC grew its position in shares of ALX Oncology by 183.6% in the 1st 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 period. Finally, Seven Fleet Capital Management LP acquired a new position in shares of ALX Oncology during the 4th quarter worth about $133,000. 97.97% of the stock is currently owned by institutional investors and hedge funds.

ALX Oncology Company Profile

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.