Analyst Edward Nash from Canaccord Genuity maintained a Buy rating on Pliant Therapeutics (PLRX – Research Report) and keeping the price target at $43.00.
Edward Nash has given his Buy rating due to a combination of factors including the promising clinical trial results for Pliant Therapeutics’ drug candidate, bexotegrast. The company reported favorable outcomes from a Phase IIa PET imaging study in patients with Idiopathic Pulmonary Fibrosis (IPF). The trial was small, enrolling 10 patients, but the positive results provided additional evidence supporting bexotegrast’s efficacy in treating IPF, bolstering confidence in the larger ongoing Phase IIb/III BEACON-IPF study.
The Phase IIa trial’s primary goal was to measure the level of type 1 collagen in the lungs, a key marker in IPF progression. The patients who received bexotegrast demonstrated a meaningful reduction in collagen levels after a 12-week treatment period, in contrast to an increase observed in the placebo group. Furthermore, the treatment group showed a fast onset of drug action with improvements in lung function and a reduction in cough severity indicated by patient reports. Additional biomarker analyses, including PRO-C3 and integrin ß6 levels, exhibited improvements, further substantiating the potential benefits of the drug and underpinning Nash’s Buy recommendation.
Nash covers the Healthcare sector, focusing on stocks such as Pliant Therapeutics, Madrigal Pharmaceuticals, and Verona Pharma. According to TipRanks, Nash has an average return of 1.8% and a 38.55% success rate on recommended stocks.
In another report released yesterday, Wells Fargo also maintained a Buy rating on the stock with a $41.00 price target.
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Pliant Therapeutics (PLRX) Company Description:
Pliant Therapeutics Inc is a clinical stage biopharmaceutical company focused on discovering and developing novel therapies for the treatment of fibrosis. Its lead product candidate, PLN-74809, is an oral small-molecule dual that helps in the treatment of idiopathic pulmonary fibrosis.
Read More on PLRX:
- Pliant Therapeutics Announces Positive Topline Data from a Phase 2a Collagen PET Imaging Clinical Trial of Bexotegrast in Patients with Idiopathic Pulmonary Fibrosis
- Pliant Therapeutics price target lowered to $45 from $54 at RBC Capital
- Pliant Therapeutics price target raised to $48 from $47 at Oppenheimer
- Pliant Therapeutics price target lowered to $36 from $48 at H.C. Wainwright
- Pliant Therapeutics price target lowered to $44 from $45 at Citi
