H.C. Wainwright analyst Swayampakul Ramakanth raised the firm’s price target on ALX Oncology to $17.50 from $16 and keeps a Buy rating on the shares following “positive” interim Phase 2 data from the ongoing randomized Phase 2/3 ASPEN-06 study of evorpacept. The firm is “reassured of our investment thesis by these data,” especially given this is the first randomized study evaluating a CD47 antibody as a therapy for a solid tumor following “recent reports of negative readouts from other competitors,” the analyst tells investors.
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