Shares of Pliant Therapeutics, Inc. (PLRX) plummeted by 5.99% on Wednesday, despite the biopharmaceutical company reporting better-than-expected earnings for the third quarter of 2024.
According to the company's earnings report, Pliant Therapeutics reported an adjusted loss of $0.95 per share for the quarter ended September 30, 2024, beating analysts' consensus estimate of a $0.97 loss per share. However, the company recorded zero revenue for the quarter, falling short of analysts' expectations of around $0.5 million.
Despite the narrower-than-expected loss, Pliant Therapeutics reported a substantial quarterly net loss of $57.76 million, which may have weighed on investor sentiment. Additionally, while the stock had gained 35.5% during the third quarter, it was still down 16.1% year-to-date, raising concerns about the company's overall performance.
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