Stifel lowered the firm’s price target on ALX Oncology to $5 from $14 and keeps a Hold rating on the shares. Several elements of the updated evorpacept phase 2 randomized gastric cancer data “leave us on the sidelines,” says the analyst, who continues to see open questions about the development potential in larger sales opportunities beyond the smaller gastric cancer market. The firm’s new price target is derived from a reduced gastric odds of success view and eligible population size, the analyst tells investors.
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