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      ALXO Stock: ALX Oncology Is Skyrocketing Today, Why?

      By Fahim Awan

      Published on

      October 3, 2023

      6:51 PM UTC

      ALXO Stock: ALX Oncology Is Skyrocketing Today, Why?

      ALX Oncology Holdings Inc. (NASDAQ: ALXO) shares are experiencing a remarkable surge in the current market trading session, surging by an impressive 57.69% to reach a value of $7.58. Notably, the performance of ALX Oncology stock exhibited stability in the preceding session, registering a modest increase of 0.21% and concluding the session at $4.81.

      Nevertheless, it is noteworthy that ALXO stock has consistently demonstrated robust gains over the past month, accumulating a substantial rise of 116.81%. This noteworthy upswing in ALX Oncology’s stock value can be attributed to the release of interim findings from their cancer treatment research study.

      ALX Oncology (ALXO) has released promising interim Phase 2 results from its ASPEN-06 clinical trial, marking a significant advancement in the treatment of HER2-positive gastric/gastroesophageal junction (“GEJ”) cancer. The trial evaluates the efficacy of evorpacept, an innovative CD47 blocking therapeutic developed by ALXO, in combination with trastuzumab, CYRAMZA, and paclitaxel.

      The study included 54 patients with second and third-line gastric/GEJ cancer, many of whom had previously received treatment with ENHERTU and checkpoint inhibitors. Evorpacept, administered at 30 mg/kg every two weeks, demonstrated a notable confirmed overall response rate (“ORR”) of 52% when combined with the other therapies. Importantly, the safety profile of evorpacept remained consistent with previous trials and was well-tolerated by patients.

      These interim findings compare favorably to the current standard of care, CYRAMZA + paclitaxel, for second-line gastric/GEJ cancer as established by the RAINBOW study. ALXO is encouraged by these results, marking the first presentation of positive randomized clinical trial data for any CD47 blocker. The company plans to release the final analysis of the ASPEN-06 study in the second quarter of 2024 and initiate Phase 3 in late 2024.

      This groundbreaking development highlights the potential of evorpacept as an immunotherapy agent for solid tumors, particularly in combination with anti-cancer antibodies. ALXO’s vision is to redefine the care continuum for advanced gastric cancer patients and revolutionize treatment options. Evorpacept’s unique attributes, such as inactive Fc effector function, make it a promising candidate in the realm of CD47 immune checkpoint pathway inhibition. ALX Oncology (ALXO)’s pioneering approach could lead to a therapeutic breakthrough in the field of gastric cancer treatment.

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