Why ALX Oncology Holdings Inc. (ALXO) Soared on Thursday

We recently published an article titled Micro-, Small-Cap Firms Dominate Market Rally. In this article, we are going to take a look at where ALX Oncology Holdings Inc. (NASDAQ:ALXO) stands against the other stocks.

The stock market pulled back to the red territory on Thursday, with all major indices posting significant losses as tariff threats continued to rattle investors.

The tech-heavy Nasdaq posted the largest loss, down 2.61 percent, followed by the S&P 500 with 1.78 percent, and the Dow Jones with 0.99 percent.

On Thursday, 10 micro and small-cap companies defied a broader market decline, with their share prices jumping by as much as double digits. One company stood out, soaring more than 300 percent during the session.

To come up with Thursday’s top performers, we considered the stocks with the highest day change performance.

A person in a white lab coat standing in a modern biotechnology research laboratory.

ALX Oncology Holdings Inc. (NASDAQ:ALXO)

ALX Oncology Holdings Inc. (NASDAQ:ALXO) saw its share prices increase by 25.96 percent to finish at $1.31 apiece as investors cheered news of better earnings performance in the fourth quarter and full year of 2024.

In a statement, ALX Oncology Holdings Inc. (NASDAQ:ALXO) said net loss in the fourth quarter narrowed by 36 percent to $29.16 million from $45.47 million in the same period a year earlier, while net loss in the full year shrunk by 16 percent to $134.85 million from $160.8 million.

Loss from operations also declined by 36 percent to $30.6 million from $48 million in the same quarter, as well as by 16 percent to $142 million from $170 million in the full-year period.

Looking ahead, ALX Oncology Holdings Inc. (NASDAQ:ALXO) CEO Jason Lettmann said that its multiple ongoing clinical studies are set to position the company for near- and long-term success.

Overall ALXO ranks 7th on our list of Thursday’s top performers. While we acknowledge the potential of ALXO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ALXO but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.