ALXO - Why ALX Oncology Stock Is Skyrocketing Today
2023-10-03 11:15:29 ET
Shares of ALX Oncology (NASDAQ: ALXO) had skyrocketed by 53% as of 11:10 a.m. ET on Tuesday. The huge gain came after the immuno-oncology company announced positive interim results from a phase 2 study evaluating evorpacept in combination with trastuzuma, Cyramza, and paclitaxel for treating HER2-positive gastric/gastroesophageal junction (GEJ) cancer.
Just how positive were those interim results? ALX Oncology said that the combination therapy including evorpacept demonstrated a confirmed overall response rate (ORR) -- the percentage of patients with partial or complete response to therapy -- of 52%. By comparison, the control group receiving the combination of trastuzumab, Cyramza, and paclitaxel without evorpacept had an ORR of 22%.
ALX also stated that the median duration of response for the control group was 7.4 months. However, the median duration of response for the evorpacept combo group hasn't yet been reached. That's another encouraging sign about evorpacept's efficacy.
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Why ALX Oncology Stock Is Skyrocketing Today