Piper Sandler Reiterates Overweight Rating on Pliant Therapeutics (PLRX)

Piper Sandler analyst Yasmeen Rahimi reiterated an Overweight rating and $40.00 price target on Pliant Therapeutics (NASDAQ: PLRX).

The analyst commented, "We had the opportunity to host the PLRX mgmt team at a well-attended dinner on the West Coast. With this, we learned about PLRX's strong presence at ATS, dove into the consistent data for bexotegrast across IPF and PSC, and discussed the multiple upcoming catalysts in 2H24. From this, it is clear to us that investor interest is high given: 1) the 320 mg 24- week Ph2a INTEGRIS-PSC data expected in mid-2024; 2) upcoming regulatory meeting with the FDA to establish the path forward in PSC (expected mid-2024); and 3) enrollment completion for the Ph2b/3 BEACON-IPF study (guided in 1Q25), which we believe will be the most important stock moving event and further push shares to the upside. Last, considering investors attribute little valuation to PLRX in PSC, we remain bullish ahead of these upcoming catalysts which in our view could unlock further valuation and drive additional share gains."

For an analyst ratings summary and ratings history on Pliant Therapeutics click here. For more ratings news on Pliant Therapeutics click here.

Shares of Pliant Therapeutics closed at $14.18 yesterday.

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