ALX Oncology Doses First Patient in Phase 2 ASPEN-09 Breast Trial
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 08 2026
0mins
Should l Buy ALXO?
ALX Oncology announced that the first patient has been dosed in the Company's Phase 2 ASPEN-09-Breast trial evaluating its investigational CD47-inhibitor evorpacept. This trial will evaluate the combination of evorpacept with trastuzumab and physicians' choice of chemotherapy in patients with HER2-positive metastatic breast cancer whose disease has progressed after ENHERTU.
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Analyst Views on ALXO
Wall Street analysts forecast ALXO stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for ALXO is 3.00 USD with a low forecast of 2.00 USD and a high forecast of 4.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Analyst Rating
3 Buy
1 Hold
0 Sell
Strong Buy
Current: 2.060
Low
2.00
Averages
3.00
High
4.00
Current: 2.060
Low
2.00
Averages
3.00
High
4.00
About ALXO
ALX Oncology Holdings Inc. is a clinical-stage biotechnology company advancing a pipeline of therapies designed to treat cancer and extend patients’ lives. The Company's lead product candidate, evorpacept, is a CD47 blocking therapeutic that combines a high-affinity CD47 binding domain with an inactivated, proprietary Fc domain. It is engaged in focusing on combining evorpacept with anti-cancer antibodies, antibody drug conjugate (ADCs), and PD-1/PD-L1 immune checkpoint inhibitors. Evorpacept is being evaluated across multiple ongoing clinical trials in a range of cancer indications. Its second product candidate is ALX2004, an epidermal growth factor receptor (EGFR)-targeted ADC. ALX2004 comprises an affinity-tuned EGFR antibody backbone engineered for optimal activity as an ADC, a proprietary topoisomerase I inhibitor payload with enhanced bystander effect, and a linker with enhanced stability.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
ALX Oncology Shares Surge 10% After Major VC Purchase
- Share Purchase Announcement: Venture capital firm venBio Capital purchased nearly 3.2 million shares of ALX Oncology at $1.57 per share on February 2, totaling $5 million, significantly boosting market confidence in the company's future prospects.
- Management Connection: venBio's Managing Partner Corey Goodman serves as the chair of ALX Oncology's board and is a co-founder, which may further solidify investor trust in the company's strategic direction due to this close relationship.
- Market Reaction: Following the announcement, ALX Oncology's shares surged approximately 10% in after-hours trading, reflecting optimistic market sentiment regarding the company's outlook, particularly in the context of its HER2/CD47 breast cancer treatment opportunities.
- Future Potential: ALX Oncology anticipates entering a $2 billion to $4 billion HER2/CD47 breast cancer market by 2025, which presents a substantial revenue growth opportunity and is likely to attract further investor interest.
See More
ALX Oncology Announces Pricing of Underwritten Offering
- Offering Size: ALX Oncology announced an underwritten offering of 76.98 million shares at $1.57 each, expecting gross proceeds of approximately $150 million, which will fund the continued clinical development of Evorpacept and ALX2004, indicating strong commitment to future R&D.
- Pre-Funded Warrants: The company also issued 18.57 million pre-funded warrants at $1.569 each, reflecting flexibility in its financing structure aimed at attracting more investor participation in the offering.
- Market Performance: Over the past year, ALXO's stock traded between $0.4040 and $2.27, indicating high volatility, while closing the latest trading day up 10.83% at $1.74, suggesting a positive market reaction to the offering news.
- After-Hours Trading: Despite a 1.72% decline in after-hours trading to $1.71, the overall implementation of the financing plan is viewed as a significant step in the company's strategic development, potentially providing necessary funding for upcoming clinical trials.
See More
ALX Oncology Prices Underwritten Stock Offering
- Offering Size: ALX Oncology has priced an underwritten offering of 76,979,112 shares of common stock at $1.57 per share, along with pre-funded warrants for 18,574,120 shares, expecting gross proceeds of approximately $150 million, indicating strong market demand for its equity.
- Clear Use of Proceeds: The net proceeds from this offering are earmarked for the continued clinical development of evorpacept and the ALX2004 program, as well as for working capital and general corporate purposes, highlighting the company's commitment to advancing its R&D initiatives.
- Positive Market Reaction: Following the announcement, ALX Oncology's stock surged 15% in premarket trading to $1.81, reflecting investor confidence in the company's growth potential, particularly in the $2B–$4B HER2/CD47 breast cancer market opportunity.
- Timely Offering Schedule: The offering is expected to close on or about February 2, 2026, demonstrating the company's strategic planning in capitalizing on market conditions and ensuring liquidity for future projects.
See More
ALX Oncology Prices $150 Million Stock Offering to Fund Cancer Therapies
- Offering Size: ALX Oncology announced the pricing of 76,979,112 shares of common stock at $1.57 per share and 18,574,120 pre-funded warrants, expecting gross proceeds of approximately $150 million, reflecting strong market confidence in its cancer treatment pipeline.
- Investor Participation: The financing is led by RA Capital Management and TCGX, with participation from several new and existing investors, including 5AM Ventures and Blackstone, indicating robust market interest in ALX Oncology's future growth prospects.
- Use of Proceeds: ALX Oncology plans to utilize the net proceeds to fund the continued clinical development of evorpacept and ALX2004, aiming to accelerate innovation in cancer treatment and enhance its competitive position in the biotechnology sector.
- Market Outlook: The stock offering is expected to close on February 2, 2026, and if successful, will provide essential funding to support the company in navigating market competition and advancing its cancer treatment products toward commercialization.
See More
ALX Oncology's New Data Reinforces CD47 Biomarker Significance
- Clinical Trial Findings: ALX Oncology's Phase 1b/2 trial reveals that CD47 expression correlates with the efficacy of evorpacept, particularly in HER2-positive metastatic breast cancer patients, demonstrating a 56% confirmed objective response rate, highlighting the biomarker's potential importance in patient selection.
- Combination Therapy Efficacy: Initial results indicate that the combination of evorpacept and Jazz Pharmaceuticals' ZIIHERA® achieves significant anti-tumor activity in patients with a median of six prior therapies, further validating the CD47-dependent HER2-driven biology.
- Future Research Directions: ALX Oncology plans to present comprehensive biomarker analysis results at an upcoming scientific congress, emphasizing the potential of CD47 as a predictive biomarker that may optimize the use of evorpacept in combination with HER2-targeted therapies.
- Strategic Implications: These findings not only bolster confidence in the ongoing ASPEN-09-Breast Phase 2 trial but also may drive ALX Oncology's further development in the field of immuno-oncology, enhancing its competitive position in the market.
See More
ALX Oncology to Present at 44th Annual J.P. Morgan Healthcare Conference on January 15, 2026
- Conference Participation: ALX Oncology will present at the 44th Annual J.P. Morgan Healthcare Conference on January 15, 2026, showcasing its latest advancements in cancer treatment, which is expected to attract investor and industry attention.
- Leadership Introduction: CEO Jason Lettmann and CMO Barbara Klencke will jointly attend to share the company's strategic developments in novel therapy, aiming to enhance market confidence and attract potential investments.
- Live Webcast: The presentation will be live-streamed via the Investors section of ALX Oncology's website, providing convenient access to a broader audience to stay updated on the company's latest developments.
- Therapeutic Progress: ALX Oncology's lead candidate, evorpacept, is currently being evaluated in multiple clinical trials, demonstrating potential in immuno-oncology, which may lay the foundation for future cancer therapies.
See More
ALX Oncology Shares Surge 10% After Major VC Purchase
- Share Purchase Announcement: Venture capital firm venBio Capital purchased nearly 3.2 million shares of ALX Oncology at $1.57 per share on February 2, totaling $5 million, significantly boosting market confidence in the company's future prospects.
- Management Connection: venBio's Managing Partner Corey Goodman serves as the chair of ALX Oncology's board and is a co-founder, which may further solidify investor trust in the company's strategic direction due to this close relationship.
- Market Reaction: Following the announcement, ALX Oncology's shares surged approximately 10% in after-hours trading, reflecting optimistic market sentiment regarding the company's outlook, particularly in the context of its HER2/CD47 breast cancer treatment opportunities.
- Future Potential: ALX Oncology anticipates entering a $2 billion to $4 billion HER2/CD47 breast cancer market by 2025, which presents a substantial revenue growth opportunity and is likely to attract further investor interest.
See More
ALX Oncology Announces Pricing of Underwritten Offering
- Offering Size: ALX Oncology announced an underwritten offering of 76.98 million shares at $1.57 each, expecting gross proceeds of approximately $150 million, which will fund the continued clinical development of Evorpacept and ALX2004, indicating strong commitment to future R&D.
- Pre-Funded Warrants: The company also issued 18.57 million pre-funded warrants at $1.569 each, reflecting flexibility in its financing structure aimed at attracting more investor participation in the offering.
- Market Performance: Over the past year, ALXO's stock traded between $0.4040 and $2.27, indicating high volatility, while closing the latest trading day up 10.83% at $1.74, suggesting a positive market reaction to the offering news.
- After-Hours Trading: Despite a 1.72% decline in after-hours trading to $1.71, the overall implementation of the financing plan is viewed as a significant step in the company's strategic development, potentially providing necessary funding for upcoming clinical trials.
See More
ALX Oncology Prices Underwritten Stock Offering
- Offering Size: ALX Oncology has priced an underwritten offering of 76,979,112 shares of common stock at $1.57 per share, along with pre-funded warrants for 18,574,120 shares, expecting gross proceeds of approximately $150 million, indicating strong market demand for its equity.
- Clear Use of Proceeds: The net proceeds from this offering are earmarked for the continued clinical development of evorpacept and the ALX2004 program, as well as for working capital and general corporate purposes, highlighting the company's commitment to advancing its R&D initiatives.
- Positive Market Reaction: Following the announcement, ALX Oncology's stock surged 15% in premarket trading to $1.81, reflecting investor confidence in the company's growth potential, particularly in the $2B–$4B HER2/CD47 breast cancer market opportunity.
- Timely Offering Schedule: The offering is expected to close on or about February 2, 2026, demonstrating the company's strategic planning in capitalizing on market conditions and ensuring liquidity for future projects.
See More
ALX Oncology Prices $150 Million Stock Offering to Fund Cancer Therapies
- Offering Size: ALX Oncology announced the pricing of 76,979,112 shares of common stock at $1.57 per share and 18,574,120 pre-funded warrants, expecting gross proceeds of approximately $150 million, reflecting strong market confidence in its cancer treatment pipeline.
- Investor Participation: The financing is led by RA Capital Management and TCGX, with participation from several new and existing investors, including 5AM Ventures and Blackstone, indicating robust market interest in ALX Oncology's future growth prospects.
- Use of Proceeds: ALX Oncology plans to utilize the net proceeds to fund the continued clinical development of evorpacept and ALX2004, aiming to accelerate innovation in cancer treatment and enhance its competitive position in the biotechnology sector.
- Market Outlook: The stock offering is expected to close on February 2, 2026, and if successful, will provide essential funding to support the company in navigating market competition and advancing its cancer treatment products toward commercialization.
See More
ALX Oncology's New Data Reinforces CD47 Biomarker Significance
- Clinical Trial Findings: ALX Oncology's Phase 1b/2 trial reveals that CD47 expression correlates with the efficacy of evorpacept, particularly in HER2-positive metastatic breast cancer patients, demonstrating a 56% confirmed objective response rate, highlighting the biomarker's potential importance in patient selection.
- Combination Therapy Efficacy: Initial results indicate that the combination of evorpacept and Jazz Pharmaceuticals' ZIIHERA® achieves significant anti-tumor activity in patients with a median of six prior therapies, further validating the CD47-dependent HER2-driven biology.
- Future Research Directions: ALX Oncology plans to present comprehensive biomarker analysis results at an upcoming scientific congress, emphasizing the potential of CD47 as a predictive biomarker that may optimize the use of evorpacept in combination with HER2-targeted therapies.
- Strategic Implications: These findings not only bolster confidence in the ongoing ASPEN-09-Breast Phase 2 trial but also may drive ALX Oncology's further development in the field of immuno-oncology, enhancing its competitive position in the market.
See More
ALX Oncology to Present at 44th Annual J.P. Morgan Healthcare Conference on January 15, 2026
- Conference Participation: ALX Oncology will present at the 44th Annual J.P. Morgan Healthcare Conference on January 15, 2026, showcasing its latest advancements in cancer treatment, which is expected to attract investor and industry attention.
- Leadership Introduction: CEO Jason Lettmann and CMO Barbara Klencke will jointly attend to share the company's strategic developments in novel therapy, aiming to enhance market confidence and attract potential investments.
- Live Webcast: The presentation will be live-streamed via the Investors section of ALX Oncology's website, providing convenient access to a broader audience to stay updated on the company's latest developments.
- Therapeutic Progress: ALX Oncology's lead candidate, evorpacept, is currently being evaluated in multiple clinical trials, demonstrating potential in immuno-oncology, which may lay the foundation for future cancer therapies.
See More
