On Thursday, Citi reiterated its Buy rating on shares of Pliant Therapeutics (NASDAQ:PLRX), maintaining a price target of $44.00. This confirmation follows the presentation of Pliant's 12-week data from its Phase 2 INTEGRIS-PSC trial of bexotegrast for the treatment of primary sclerosing cholangitis (PSC) at the European Association for the Study of the Liver (EASL) Congress.
During the late-breaking poster session, Pliant revealed that the 320mg dose group of bexotegrast demonstrated lower rates of treatment emergent adverse events (TEAEs) compared to placebo, particularly for hepatobiliary disorders (0% in the 320mg group versus 16.7% in the placebo group) and gastrointestinal disorders (14.8% versus 36.7%).
Moreover, the study presented quantitative changes in PRO-C3 levels, with the 40mg and 160mg doses both showing statistically significant improvements from placebo.
These results are part of a series of data releases, with the 12-week findings for the 320mg high dose cohort previously disclosed earlier in the year. The anticipation now builds for the upcoming 24-week PSC data, expected to be released around mid-2024.
These forthcoming results are highly anticipated as they may provide stronger evidence of a potential dose response and a clearer understanding of bexotegrast's efficacy profile in treating PSC.
In other recent news, Pliant Therapeutics has been the subject of numerous analyst reviews following the release of promising trial results for its investigational drug, bexotegrast. Piper Sandler confirmed its Overweight rating and $40.00 stock price target for the company, citing significant upcoming milestones, including the release of the 24-week Phase 2a INTEGRIS-PSC data around mid-2024.
Similarly, Oppenheimer reiterated an Outperform rating and a price target of $48.00, following a study that showed a reduction in lung collagen levels in patients treated with bexotegrast. RBC Capital also maintained its Outperform rating on Pliant Therapeutics, with a steady stock price target of $45.00, based on positive indicators from an independent study on bexotegrast.
Stifel reaffirmed its Buy rating on the stock, following topline data from an exploratory study that demonstrated positive outcomes for the 160mg dose of bexotegrast. These recent developments highlight the positive outlook for Pliant Therapeutics and its potential in the treatment of idiopathic pulmonary fibrosis.
InvestingPro Insights
As Pliant Therapeutics (NASDAQ:PLRX) continues to show promising clinical results, investors are closely monitoring the company's financial health and stock performance. According to InvestingPro data, PLRX holds a market cap of $714.86 million and is trading near its 52-week low, with a price of $12.10 at the previous close. This could indicate a potential entry point for investors believing in the company's prospects. Notably, PLRX has more cash than debt on its balance sheet, which is a positive sign of financial stability.
Still, it is important to consider that analysts have revised their earnings downwards for the upcoming period, and the company is not expected to be profitable this year. Moreover, with a negative revenue growth rate of -97.46% in the last twelve months as of Q1 2024, it is evident that the company is quickly burning through cash. These factors, combined with a high revenue valuation multiple, suggest that investors should be cautious and conduct thorough due diligence.
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