Thomas Smith, an analyst from Leerink Partners, maintained the Buy rating on Pliant Therapeutics (PLRX – Research Report). The associated price target is $46.00.
Thomas Smith has given his Buy rating due to a combination of factors including Pliant Therapeutics’ consistent progress across their clinical programs and the reaffirmed timelines which indicate a strong operational follow-through. Smith recognizes the interim results from the Phase 2a INTEGRIS-PSC study for bexotegrast in primary sclerosing cholangitis (PSC) as being supportive of the drug’s anti-fibrotic effects, reinforcing the potential of bexotegrast in the treatment of fibrotic diseases. The anticipation of further data from the 320mg dose cohort in mid-2024 aligns with previous guidance, maintaining investor confidence in the company’s trajectory.
Moreover, Smith’s optimism is particularly directed at the BEACON-IPF study for idiopathic pulmonary fibrosis (IPF), which he identifies as a significant driver of investor interest due to the large market opportunity it represents. He also notes the company’s healthy financial position, with a substantial cash runway extending into the second half of 2026, which underpins Pliant Therapeutics’ capacity to continue their research and development efforts. The potential for bexotegrast in IPF is central to Smith’s thesis, with its oral administration, safety profile, and promising efficacy positioning it as a potential leader in its class.
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.
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