H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on ALX Oncology Holdings today and set a price target of $4.00.
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Swayampakula Ramakanth has given his Buy rating due to a combination of factors tied to encouraging clinical data and a clear biomarker-driven strategy. He highlights that evorpacept, when paired with zanidatamab in heavily pretreated HER2-positive metastatic breast cancer patients, produced notably strong response rates and prolonged progression-free survival, particularly in those whose tumors express high levels of CD47, and these outcomes compare favorably to real-world post-ENHERTU benchmarks.
He also emphasizes that similar biomarker-linked efficacy signals seen in the ASPEN-06 gastric cancer trial strengthen confidence in the ongoing ASPEN-09 study in HER2-positive breast cancer, where interim results are expected in 2027 and could materially de-risk the program. Although management now sees a randomized Phase 3 study, rather than accelerated approval, as the most likely registration path, the collaboration with Ventana on a companion diagnostic and the consistent CD47 biomarker thesis support his view that the current valuation does not fully reflect evorpacept’s potential, justifying a reiterated Buy rating and an unchanged $4 price target.