Benzinga | Jul 6, 2021 09:15AM EDT

ALX Oncology Shares Jump As ALX148 Shows ORR of 72% In Patients With HER2 Positive Stomach Cancer

* ALX Oncology Holdings Inc (NASDAQ:ALXO) announced updated data from its ongoing ASPEN-01 Phase 1b trial evaluating ALX148 in combination with trastuzumab and chemotherapy to treat gastric or gastroesophageal junction cancer (GC).

* The new data were shared at the World Congress on Gastrointestinal Cancer.

* Data showed that ALX148, combined with trastuzumab and chemotherapy, is highly active and well-tolerated in patients with second-line or greater HER2 positive GC.

* As of the data cut-off of May 3, 2021, ALX148 demonstrated a favorable initial confirmed objective response rate (ORR) of 72% and estimated overall survival (OS) at 12 months of 76%.

* These results compare favorably to randomized historical control studies; RAINBOW reported an ORR of 28% and OS at 12 months of 40%, and DESTINY-01 reported an ORR of 41% and OS at 12 months of 52%.

* Preliminary data suggest that ALX148 can be combined with trastuzumab, ramucirumab, and paclitaxel with no maximum tolerated dose reached.

* The maximum administered dose of ALX148 in combination was 15 mg/kg once weekly.

* ALX Oncology will host a conference call today at 8:30 a.m. E.T.

* Price Action: ALXO shares are up 19.9% at $67 during the premarket session on the last check Tuesday.