ALX Oncology shares surge 16.10% intraday after ASPEN-06 trial shows evorpacept efficacy in HER2+ gastric cancer with high CD47 expression.

ALX Oncology surged 16.10% intraday after announcing robust clinical data from its ASPEN-06 trial, showing evorpacept’s 65% objective response rate in HER2+ gastric cancer patients with high CD47 expression, alongside durable benefits in progression-free and overall survival. The company highlighted its Phase 2 ASPEN-09-Breast Cancer trial, set to begin enrollment in Q4 2025, and positive preclinical results for ALX2004, an EGFR-targeted ADC entering Phase 1 trials. These updates, coupled with a reduced Q3 net loss and extended cash runway into Q1 2027, reinforced investor confidence in the pipeline’s potential. Management emphasized evorpacept’s mechanism of action and biomarker-driven strategy, with Dr. Peter Schmid noting its applicability to HER2+ breast cancer post-ENHERTU®. The stock’s intraday rally reflects optimism around near-term clinical milestones and the drug’s differentiated safety profile.