ALX Oncology downgraded to Hold from Buy at Jefferies

Jefferies downgraded ALX Oncology (ALXO) to Hold from Buy with a price target of $2, down from $12. The company’s full Phase II data in gastric cancer failed to meet expectations and the efficacy had come way down in the study post interim, the analyst tells investors in a research note. The firm cites increasing uncertainty around ALX’s 2025 readouts and a “higher burden to prove the additive value of CD47” for the downgrade.