Brokerages Set Pliant Therapeutics, Inc. (NASDAQ:PLRX) PT at $3.00

Shares of Pliant Therapeutics, Inc. (NASDAQ:PLRX) have been given a consensus rating of “Reduce” by the five brokerages that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has given a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $3.00.

PLRX has been the subject of several analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Pliant Therapeutics in a research report on Thursday, January 22nd. Piper Sandler lowered their price objective on shares of Pliant Therapeutics from $4.00 to $3.00 and set an “overweight” rating for the company in a research report on Thursday, March 12th. Finally, Canaccord Genuity Group lowered their price objective on shares of Pliant Therapeutics from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Friday, March 13th.

Insider Transactions at Pliant Therapeutics

In related news, CEO Bernard Coulie sold 89,375 shares of the company’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $1.28, for a total transaction of $114,400.00. Following the completion of the transaction, the chief executive officer directly owned 505,601 shares in the company, valued at $647,169.28. This represents a 15.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 8.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pliant Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the stock. Tang Capital Management LLC increased its position in Pliant Therapeutics by 2.3% during the 4th quarter. Tang Capital Management LLC now owns 6,143,132 shares of the company’s stock worth $7,495,000 after purchasing an additional 139,686 shares in the last quarter. Woodline Partners LP increased its position in Pliant Therapeutics by 91.8% during the 3rd quarter. Woodline Partners LP now owns 4,504,817 shares of the company’s stock worth $6,667,000 after purchasing an additional 2,156,291 shares in the last quarter. JPMorgan Chase & Co. increased its position in Pliant Therapeutics by 8.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,130,489 shares of the company’s stock worth $3,153,000 after purchasing an additional 172,056 shares in the last quarter. Monaco Asset Management SAM increased its position in Pliant Therapeutics by 135.7% during the 4th quarter. Monaco Asset Management SAM now owns 1,938,747 shares of the company’s stock worth $2,365,000 after purchasing an additional 1,116,054 shares in the last quarter. Finally, Prosight Management LP grew its holdings in Pliant Therapeutics by 7,493.8% during the 4th quarter. Prosight Management LP now owns 1,555,744 shares of the company’s stock worth $1,898,000 after acquiring an additional 1,535,257 shares during the last quarter. 97.30% of the stock is currently owned by institutional investors and hedge funds.

Pliant Therapeutics Trading Up 2.3%

Shares of NASDAQ:PLRX opened at $1.33 on Wednesday. The firm has a 50 day moving average of $1.28 and a 200-day moving average of $1.38. The stock has a market capitalization of $82.35 million, a PE ratio of -0.55 and a beta of 1.23. Pliant Therapeutics has a 12 month low of $1.09 and a 12 month high of $1.95.

Pliant Therapeutics (NASDAQ:PLRX) last issued its earnings results on Wednesday, March 11th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.09. On average, research analysts predict that Pliant Therapeutics will post -3.64 EPS for the current fiscal year.

About Pliant Therapeutics

Pliant Therapeutics, Inc (NASDAQ: PLRX) is a clinical-stage biopharmaceutical company focused on discovering and developing novel therapies for fibrotic diseases. Headquartered in Redwood City, California, Pliant applies a precision medicine approach to target integrin-mediated signaling pathways implicated in the development and progression of fibrosis across organ systems.

The company’s lead product candidate, PLN-74809, is an oral small molecule designed to inhibit both αvβ1 and αvβ6 integrins in patients with idiopathic pulmonary fibrosis (IPF) and primary sclerosing cholangitis (PSC).