Wells Fargo initiated coverage of ALX Oncology (ALXO) with an Overweight rating and $5 price target The firm thinks the near-term update for the evorpacept plus zanidatamab combo in metastatic breast cancer will further validate ALX’s CD47-high enrichment strategy. Wells says the update will de-risk the ASPEN-Breast readout in mid-2027. It likes the setup for ALX shares.
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