Stifel Reiterates Buy Rating on Pliant Therapeutics (PLRX)

Stifel analyst Alex Thompson reiterated a Buy rating and $32.00 price target on Pliant Therapeutics (NASDAQ: PLRX).

The analyst comments "We remain Buy Rated on PLRX following their 2Q24 update. The Ph2/3 BEACON-IPF trial remains the key driver for shares over the next 12-18 months with management guiding to 1Q25 enrollment completion and mid-2026 topline results. We continue to view the totality of the evidence for Bexotegrast in IPF combined with the clear MOA as supportive of a strong shot on goal in a disease with significant unmet need and as highlighted in our recent IPF KOL call (LINK). Meanwhile, in PSC, the company continues to evaluate the path forward. Following the Ph2a INTEGRIS-PSC 24-week results, initial efficacy was demonstrated with a need for more dose-ranging work. Alignment with the FDA was reached for a Ph2b, 52-week study with non-invasive endpoints though continues to evaluate next steps--we continued to view PSC as upside to our current valuation. We have updated our model for the quarter, our target price remains $32."

For an analyst ratings summary and ratings history on Pliant Therapeutics click here. For more ratings news on Pliant Therapeutics click here.

Shares of Pliant Therapeutics closed at $12.54 yesterday.

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