Pliant Therapeutics Shares Tumble Amid Analyst Downgrades Following Study Suspension

MT Newswires Live

02-11

Pliant Therapeutics (PLRX) shares fell 60% in recent Monday trading after several investment firms downgraded their ratings on the company following its announcement late Friday that it has suspended enrollment and dosing in a phase 2b trial of bexotegrast for idiopathic pulmonary fibrosis.

RBC downgraded Pliant to sector perform from outperform and cut its price target to $4 from $45, Oppenheimer downgraded the company to perform from outperform, HC Wainwright downgraded it to neutral from buy, Citigroup downgraded it to neutral from buy, with a $4 price target, and Wells Fargo downgraded it to equalweight from overweight, with a $4 price target.

Price: 3.09, Change: -4.70, Percent Change: -60.36

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