Pliant Therapeutics rises after brokerages boost PT

Pliant Therapeutics

24/01/2023 15:39

** Shares of drug developer Pliant Therapeutics Inc  PLRX.O 
rise 4% to $31.36
    ** Brokerages boost price target on PLRX on positive data
from mid-stage study of co's lung disease drug, bexotegrast   
 BROKERAGE       PRIOR P.T.  NEW P.T.
 Citigroup       $36         $55
 JP Morgan       $42         $51
 SVB Securities  $33         $45
 Needham         $40         $45
    ** The drug not only enjoys compelling biologic rationale
for treatment of lung disease idiopathic pulmonary fibrosis, but
also holds optionality for treatment of liver disease primary
sclerosing cholangitis - J.P. Morgan
    ** Co also announced $175 mln common stock offering; intends
to use net proceeds in clinical programs, including bexotegrast
    ** 12 of 12 brokerages rate the stock "buy" or higher; their
median PT is $45 - Refinitiv
    ** PLRX stock rose 167% in last 12 months
 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))