ALX Oncology down as brokerages slash PT over gastric cancer therapy trial data
** Shares of drug developer ALX Oncology ALXO.O fall 34.9% to $3.13
** Late Wednesday co reported mid-stage trial data for its lead experimental treatment, evorpacept, in treating a type of gastric cancer
** At least 3 of 7 brokerages covering the stock cut PT after study results
** Evorpacept in combination achieved an overall response rate (ORR) of 40.3% compared to 26.6% for the control arm
** The ORR figure was lower vs. achieved in interim results from the study reported in October 2023
** Brokerage Jefferies cuts PT to $12 from $22; says more follow-up time and data is needed to get a complete picture
** Adds ORR good on topline but driven by interim patients and not as robust in new patients
** Piper Sandler sets new PT of $8 from $21, while Stifel lowers to $5 from $14
** Including session's fall, stock down more than 75% YTD
Reporting by Pratik Jain in Bengaluru
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