ALX Oncology drops two studies due to lack of efficacy

14 August 2023

US clinical-stage immuno-oncology company ALX Oncology Holdings (Nasdaq: ALXO) provided an update on the company’s portfolio of clinical programs in development, along with second-quarter 2023 financial results.

Notably, ALX Oncology said it is cutting two studies of its anti-CD47 drug evorpacept after it failed to show substantial efficacy. The news pushed ALX Oncology’s shares down more than 5% to $4.78 in early trading, but the stock recovered by close.

During the second quarter, ALX Oncology continued to advance evorpacept’s mid-stage clinical development programs highlighted by ASPEN-06 in HER2-positive gastric cancer which is on track to report data in fourth-quarter 2023.

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