Buy Rating for Pliant Therapeutics Backed by Promising Phase 2a Results of Bexotegrast in IPF Treatment

Leerink Partners analyst Thomas Smith has maintained their bullish stance on PLRX stock, giving a Buy rating yesterday.

Thomas Smith has given his Buy rating due to a combination of factors concerning Pliant Therapeutics’ potential and recent developments. The company’s positive results from a Phase 2a study of bexotegrast (bexo) in treating idiopathic pulmonary fibrosis (IPF) were a significant influence on this rating. Bexo demonstrated an encouraging reduction in lung collagen and improved lung function compared to placebo, suggesting a reversal of fibrosis. Additionally, Smith notes the treatment’s well-tolerated safety profile and the absence of serious adverse events, which could be advantageous for patient compliance and market acceptance.

Moreover, the evidence of bexo’s antifibrotic mechanism of action was supported by both clinical endpoints and relevant biomarkers, bolstering confidence in the drug’s efficacy. The early separation from placebo in terms of forced vital capacity improvements and the reductions in cough severity further support bexo’s potential. Given these promising results, Smith believes that Pliant Therapeutics’ bexo may be well-positioned to compete for a best-in-class profile, with the added benefits of oral administration and a favorable safety profile, which altogether form the basis for the Buy recommendation.

Smith covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences, RAPT Therapeutics, and 89bio. According to TipRanks, Smith has an average return of 36.2% and a 46.57% success rate on recommended stocks.

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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.