ALX Oncology price target lowered to $5 from $25 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on ALX Oncology (ALXO) to $5 from $25 and keeps a Buy rating on the shares after the company reported final data from the Phase 2 ASPEN-06 study. The firm is encouraged by the data but lowered ALX’s peak penetration rate estimate in head and neck cancer to 10% from 25% given the evolving competitive landscape.