The Miami Entrepreneur

ALX’s stock is up 11% after getting orphan-drug designation for cancer drug

Shares of ALX Oncology Holdings Inc. gained 11.5% in premarket trading on Wednesday after the company said it received an orphan-drug designation for evorpacept, its experimental acute myeloid leukemia therapy. This designation is granted to drugs that treat diseases or conditions that affect fewer than 200,000 people in the U.S. ALX’s stock has declined 62.5% so far this year, while the broader S&P 500 is down 19.8%.

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