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ALX Oncology Holdings
(NASDAQ:ALXO)
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Rating:43Neutral
Price Target:
$1.00
▼(-50.00% Downside)
Action:Reiterated
Date:10/29/26
The score is primarily driven by weak financial performance: no revenue, ongoing losses, and sustained negative operating/free cash flow, despite some improvement versus prior years and relatively low debt. Technicals add additional caution due to the stock trading below key longer-term moving averages with negative MACD. Valuation provides limited support because the negative P/E is not meaningful and no dividend yield is available.
Positive Factors
Low Leverage
Relatively modest debt compared with equity gives ALX Oncology a less leveraged balance sheet than its cash burn alone would imply. This reduces interest and refinancing pressure, preserves financial flexibility, and leaves more capacity for research investment or future strategic financing.
Negative Factors
No Commercial Revenue
Without product revenue, ALX Oncology lacks a recurring commercial funding base and remains dependent on clinical progress, collaborations, and external financing. This makes the business model especially sensitive to development outcomes and delays the point at which operating scale can absorb fixed research costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage
Relatively modest debt compared with equity gives ALX Oncology a less leveraged balance sheet than its cash burn alone would imply. This reduces interest and refinancing pressure, preserves financial flexibility, and leaves more capacity for research investment or future strategic financing.
Read all positive factors
ALX Oncology Holdings (ALXO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$168.70M
Dividend YieldN/A
Average Volume (3M)1.63M
Price to Earnings (P/E)―
Beta (1Y)0.93
Revenue GrowthN/A
EPS Growth48.20%
CountryUS
Employees48
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.13
Shares Outstanding138,277,000
10 Day Avg. Volume1,510,570
30 Day Avg. Volume1,630,559
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)2.33
Price to Sales (P/S)0.00
P/FCF Ratio-0.72
Enterprise Value/Market Cap0.91
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-1.02K
Enterprise Value/Ebitda-1.95
Forecast
1Y Price Target
$4.33Price Target Upside116.67% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.56
Revenue Forecast (FY)N/A
ALX Oncology Holdings Business Overview & Revenue Model
Company Description
ALX Oncology Holdings Inc., a clinical-stage immuno-oncology company, focuses on developing therapies for cancer patients in the United States. The company’s lead product candidate is Evorpacept, a CD47 blocking therapeutic biologic development as...
How the Company Makes Money
ALX Oncology is a clinical-stage biotechnology company and does not have recurring commercial product sales as a primary revenue source. As a result, its reported revenue (if any) is typically driven by collaboration- and partnership-related payme...
ALX Oncology Holdings Earnings Call Summary
Earnings Call Date:May 08, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call conveyed meaningful, reproducible efficacy signals for evorpacept combinations—especially in CD47-high, centrally confirmed HER2-positive patients—with durable responses across independent studies, a large evorpacept safety database, progressing second program (ALX2004), and strengthened corporate resources. However, the clinical findings are preliminary given small exploratory cohorts, CD47 assay/cutoff uncertainty, discordant HER2 testing, and anticipated need for a registrational trial, which introduces execution and regulatory risk. Overall, momentum and positive clinical signals outweigh the limitations, but important validation and prospective biomarker work remain.Positive Updates
Confirmed Clinical Activity of Evorpacept + Zanidatamab
Phase Ib/II exploratory results in heavily pretreated HER2-positive metastatic breast cancer (n=24) showed an overall confirmed objective response rate (ORR) of 33% (24 patients). In the 10 patients with centrally confirmed HER2-positive disease the ORR was 60%.
Negative Updates
Very Small Sample Sizes for Key Subsets
The zanidatamab-evorpacept exploratory biomarker analysis is based on only 24 patients overall, 10 centrally confirmed HER2-positive patients and 5 CD47-high patients — making the results preliminary and subject to variability.
Read all updates
Q1-2026 Updates
Positive
Negative
Confirmed Clinical Activity of Evorpacept + Zanidatamab
Phase Ib/II exploratory results in heavily pretreated HER2-positive metastatic breast cancer (n=24) showed an overall confirmed objective response rate (ORR) of 33% (24 patients). In the 10 patients with centrally confirmed HER2-positive disease the ORR was 60%.
Read all positive updates
Company Guidance
Management reiterated both programs are on track: ASPEN‑09 will enroll up to 120 patients (interim top‑line from ~80 patients expected mid‑2027) with a primary endpoint of ORR in the CD47‑overexpressing subset and the company aims to be ready for registrational studies by end‑2027; ALX2004 dose escalation (1 → 2 → 4 mg/kg cohorts) is progressing with an initial safety readout planned H2‑2026. They highlighted recent efficacy metrics: evorpacept+zanidatamab exploratory cohort (n=24, median 5 prior lines, all prior T‑DxD) showed overall ORR 33%, ORR 60% in 10 centrally confirmed HER2+ patients, median DOR ~20 months, median PFS 3.6 months overall (8.3 months in centrally HER2+), and in the centrally HER2+/CD47‑high (≥20% IHC) subgroup all 5 patients responded with median PFS ≈22 months; these findings were consistent with ASPEN‑06 (n=127) where evorpacept arm ITT ORR was 41%, >49% in retained HER2, 65% in CD47+ patients, median PFS 18.4 months, HR 0.39 in the CD47 subset and median DOR 25.5 months. They also noted a clinical safety database of >800 evorpacept‑treated patients, zanidatamab dosing at 1,200 mg (<70 kg)/1,600 mg (≥70 kg) with evorpacept at 20–30 mg/kg IV q2w, CD47 prevalence around ~50% (gastric 45–57% reported), an estimated ~20,000 addressable HER2+/CD47‑high patients representing a $2–4B US/EU5/Japan market, and that a February financing strengthens the balance sheet to fund milestones over the next 1–2 years.ALX Oncology Holdings Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -150.00K | 0.00 | -872.00K | -836.00K | 0.00 | -736.00K |
| EBITDA | -78.94M | -99.39M | -132.25M | -158.40M | -122.84M | -83.42M |
| Net Income | -80.89M | -101.69M | -134.85M | -160.81M | -123.48M | -83.46M |
Balance Sheet | ||||||
| Total Assets | 160.82M | 59.05M | 147.78M | 242.55M | 306.49M | 380.18M |
| Cash, Cash Equivalents and Short-Term Investments | 138.23M | 44.79M | 127.76M | 182.74M | 266.21M | 363.67M |
| Total Debt | 9.71M | 5.22M | 16.98M | 17.20M | 10.43M | 742.00K |
| Total Liabilities | 24.63M | 33.06M | 34.16M | 52.84M | 43.02M | 17.13M |
| Stockholders Equity | 136.19M | 25.98M | 113.62M | 189.71M | 263.46M | 363.05M |
Cash Flow | ||||||
| Free Cash Flow | -70.95M | -84.35M | -122.36M | -131.64M | -90.65M | -73.02M |
| Operating Cash Flow | -70.78M | -84.14M | -121.91M | -130.36M | -89.22M | -68.10M |
| Investing Cash Flow | -65.89M | 82.59M | 86.26M | 44.66M | -235.42M | -4.92M |
| Financing Cash Flow | 140.25M | 362.00K | 30.82M | 59.29M | 9.86M | 2.47M |
ALX Oncology Holdings Technical Analysis
Neutral
2.00
Price Trends
1.51
Negative
1.73
Negative
1.82
Negative
Market Momentum
-0.08
Negative
47.43
Neutral
64.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALXO, the sentiment is Neutral. The current price of 2 is above the 20-day moving average (MA) of 1.14, above the 50-day MA of 1.51, and above the 200-day MA of 1.82, indicating a neutral trend. The MACD of -0.08 indicates Negative momentum. The RSI at 47.43 is Neutral, neither overbought nor oversold. The STOCH value of 64.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ALXO.
ALX Oncology Holdings Risk Analysis
ALX Oncology Holdings disclosed 82 risk factors in its most recent earnings report. ALX Oncology Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ALX Oncology Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $168.53M | -5.32 | -29.09% | ― | 8906.15% | 41.48% | |
43 Neutral | $168.70M | -1.08 | -90.30% | ― | ― | 48.20% | |
42 Neutral | $244.63M | -3.04 | -58.00% | ― | ― | ― | |
41 Neutral | $17.37M | -0.39 | -82.06% | ― | ― | -23.49% |
* Healthcare Sector Average
ALXO
ALX Oncology Holdings
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ALX Oncology Holdings Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
ALX Oncology Announces Pre-Funded Warrant Exchange Agreements
Neutral
Oct 15, 2026
On October 14, 2026, ALX Oncology entered into privately negotiated exchange agreements with several major stockholders, under which investors surrendered a total of 13,353,384 common shares in exchange for an equal number of pre-funded warrants. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.