ALX Oncology Holdings Inc. (NASDAQ:ALXO) has reported a recent transaction involving its Chief Medical Officer, Sophia Randolph. The executive sold a total of 3,273 shares of the company's common stock, with the transaction amounting to over $19,000.
The sale took place on July 1, 2024, and was disclosed in a regulatory filing with the Securities and Exchange Commission. According to the filing, the shares were sold at a weighted average price of $5.8188, with individual transactions ranging from $5.78 to $5.82 per share. This sale was conducted to satisfy the reporting person's tax obligations in connection with the vesting of restricted stock units, as noted in the footnotes of the filing.
Following the sale, Randolph still holds a significant number of shares in ALX Oncology, with a total of 327,076 shares remaining in her possession. The company, which specializes in pharmaceutical preparations, is incorporated in Delaware and has its business operations based out of South San Francisco, California.
Investors and stakeholders in ALX Oncology may view the transaction as part of normal stock compensation practices for executives, where shares are often sold to cover tax liabilities associated with the vesting of equity awards. The transaction details, including the number of shares sold and the prices, are available upon request from the issuer, any security holder of the issuer, or the SEC staff.
The transaction was signed off by Peter Garcia, by power of attorney, on July 3, 2024.
In other recent news, ALX Oncology Holdings Inc. disclosed outcomes from its Annual Meeting of stockholders, where stockholders elected three Class I directors to the company's board and approved the advisory vote on the compensation of ALX Oncology's named executive officers. The ratification of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, was also passed with overwhelming support.
Further, ALX Oncology has been the focus of several analyst firms following the promising results of its ASPEN-07 study. UBS has maintained a 'Buy' rating for ALX Oncology, highlighting the study's promising results which showed approximately a 20% increase in the Objective Response Rate. On the other hand, Stifel held its rating on ALX Oncology at 'Hold' after the presentation of new single-arm efficacy data from an evorpacept non-Hodgkin lymphoma combination.
Piper Sandler reaffirmed its Overweight rating on ALX Oncology following the review of the ASPEN-07 Phase 1a study data for evorpacept in combination with Padcev for the treatment of urothelial carcinoma. The anticipation of the ASPEN-06 trial results is seen as a key driver for the company's stock value in the near future.
Finally, ALX Oncology announced the appointment of Allison Dillon, Ph.D., as its new Chief Business Officer. Dillon's extensive experience in oncology product development is expected to be instrumental as the company prepares for multiple clinical study outcomes within the next year.
InvestingPro Insights
As ALX Oncology Holdings Inc. (NASDAQ:ALXO) navigates through the complexities of the pharmaceutical industry, recent financial data and market performance provide additional context to the company's situation. According to InvestingPro, ALXO's market capitalization stands at a modest $298.01 million, reflecting the scale of the company within the competitive pharmaceutical space.
InvestingPro Tips suggest that ALXO currently holds more cash than debt on its balance sheet, which can be an indicator of financial stability and may provide some comfort to investors concerned about the company's ability to manage its financial obligations. Additionally, the stock's Relative Strength Index (RSI) indicates that it is in oversold territory, which could imply a potential rebound if market sentiment shifts. However, it is important to note that analysts do not expect ALXO to be profitable this year, which could weigh on the stock's performance in the short term.
InvestingPro Data highlights a Price to Earnings (P/E) Ratio of -1.55, signaling that the company has negative earnings at present. Moreover, the stock has experienced a significant price decline over the last six months, with a total return of -61.06%, reflecting investor concerns and possibly presenting a buying opportunity for contrarian investors. The company's Price/Book ratio, as of the last twelve months leading up to Q1 2024, is 1.78, which provides insight into how the market values the company relative to its book value.
For investors looking for deeper analysis and additional insights, there are more InvestingPro Tips available that could help in making a more informed decision about ALXO. These tips include information on cash burn rates, gross profit margins, and the stock's performance over various time frames. Interested readers can take advantage of a special offer using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, which includes access to these valuable tips and more.
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