SOUTH SAN FRANCISCO, CA – ALX Oncology Holdings Inc. (NASDAQ:ALXO) disclosed the outcomes of its recent Annual Meeting of stockholders, where three key proposals were voted upon, including the election of directors and executive compensation.
During the June 12 meeting, stockholders elected three Class I directors to the company's board. Corey Goodman, Ph.D., received 35,775,363 votes for and 6,616,621 votes withheld. Jason Lettmann garnered 33,828,276 votes for, with 8,563,708 withheld, and Sophia Randolph, Ph.D., had 28,671,086 votes for and 13,720,898 votes withheld. Each director will serve until the 2027 annual meeting or until their successors are elected and qualified.
In addition, the advisory vote on the compensation of ALX Oncology's named executive officers was approved, with 40,935,354 votes for, 1,422,239 against, and 34,391 abstaining.
The third proposal, concerning the ratification of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, was also passed with overwhelming support from the stockholders, receiving 47,698,670 votes for, 11,338 against, and 2,733 abstentions.
ALX Oncology, classified under the pharmaceutical preparations industry and incorporated in Delaware, is headquartered at 323 Allerton Avenue, South San Francisco, California. The company's fiscal year ends on December 31.
In other recent news, ALX Oncology has been the focus of several analyst firms following the promising results of its ASPEN-07 study. UBS has maintained a 'Buy' rating for ALX Oncology, highlighting the study's promising results which showed approximately a 20% increase in the Objective Response Rate.
Stifel held its rating on ALX Oncology at 'Hold' after the presentation of new single-arm efficacy data from an evorpacept non-Hodgkin lymphoma combination. The data supports the view that evorpacept can enhance the tumor cell killing abilities of monoclonal antibodies.
InvestingPro Insights
As ALX Oncology Holdings Inc. navigates through its corporate governance with recent stockholder approvals, investors may find the following data and tips from InvestingPro valuable in assessing the company's financial health and market position. With a market capitalization of approximately $381.89 million, ALXO's balance sheet strength is highlighted by the fact that it holds more cash than debt, which can be reassuring for investors concerned about the company's liquidity. Additionally, the stock's recent performance indicates that it might be in oversold territory, based on the Relative Strength Index (RSI), suggesting a potential undervaluation that could interest value investors.
On the cautionary side, analysts' projections do not foresee profitability for ALXO in the near term, and the company's cash burn rate is accelerating, which could raise concerns about its longer-term financial sustainability. Moreover, ALXO's gross profit margins are considered weak, which might impact its ability to turn revenues into profits effectively. It is also important to note that ALXO does not pay a dividend, which may influence the investment decisions of income-focused shareholders.
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