Pliant Therapeutics (PLRX) PT Lowered to $1.50 at Citi

Citi analyst David Lebowitz lowered the price target on Pliant Therapeutics (NASDAQ: PLRX) to $1.50 (from $4.00) while maintaining a Neutral rating.

The analyst comments "Pliant reported FY24 earnings after the company announced it had discontinued the Ph2b BEACON-IPF trial (see here) for bexotegrast in idiopathic pulmonary fibrosis (IPF) after an outside expert panel completed an secondary review and concurred with the Data Safety Monitoring Board’s recommendation. The primary reason for the discontinuation was a noted difference in IPF-related adverse events between the treatment (10% for both dosages) and placebo groups (3%). Mgt noted that early signs of efficacy on the primary endpoint of forced vital capacity (FVC) were observed and thus it will review the total unblinded data to decide next steps. Mgt. suggested that next steps could include different Ph2b studies of bexotegrast studying different dosages or other indications altogether, including liver diseases."

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