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Pliant downgraded at Stifel on bexotegrast trial discontinuation

2025-03-04 23:32

  • Pliant Therapeutics (NASDAQ:PLRX) has been downgraded at Stifel to Hold from Buy after the company said on Monday that it will end its mid-stage study of idiopathic pulmonary fibrosis asset, bexotegrast.
  • "While there remains meaningful unmet need in IPF and PLRX is currently trading well below cash/sh (~$5), the long clinical timelines and uncertain path forward here make it challenging to have conviction without more clarity. We have updated our model to reflect the trial discontinuation and uncertainty moving forward, and our target price goes to $3," Stifel analysts mentioned in the report.
  • Cantor has resumed coverage of Pliant Therapeutics, but has decided to "remain on the sidelines with a Neutral rating."
  • Cantor notes that PLRX has two additional clinical-stage programs and a third P1-ready asset, however, it doesn't have a clear visibility on program prioritization.
  • PLRX has fallen over 91% in last twelve months and is rated as a Strong Sell on SA quant ratings system.

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