Pliant Therapeutics gains as Canaccord Genuity sees potential in lead drug

Pliant Therapeutics

18/05/2023 17:40

** Shares of Pliant Therapeutics Inc  PLRX.O  rise 6.2% to
$22.87
    ** Brokerage Canaccord Genuity believes co's lead drug has
the "potential to garner significant market share"; initiates
stock coverage with 'buy' rating and $48 PT 
     ** Adds the drug bexotegrast has the potential to be
prescribed as an add-on therapy to standard-of-care treatment
    ** Expects bexotegrast to capture 20% of the total
addressable market in 2037; believes it could conservatively be
a $1.7 billion drug in idiopathic pulmonary fibrosis, a serious
lung disease 
    ** Stock up ~18% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))