Shares of ALX Oncology Holdings Inc. ALXO, -1.47% 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 SPX, +0.13% is down 19.8%.
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