Needham Reiterates Pliant Therapeutics (PLRX) Buy Recommendation

Fintel reports that on September 27, 2023, Needham reiterated coverage of Pliant Therapeutics (NASDAQ:PLRX) with a Buy recommendation.

Analyst Price Forecast Suggests 185.45% Upside

As of August 31, 2023, the average one-year price target for Pliant Therapeutics is 47.28. The forecasts range from a low of 24.24 to a high of $66.15. The average price target represents an increase of 185.45% from its latest reported closing price of 16.56.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Pliant Therapeutics is 5MM, a decrease of 0.40%. The projected annual non-GAAP EPS is -3.02.

What is the Fund Sentiment?

There are 322 funds or institutions reporting positions in Pliant Therapeutics. This is an increase of 35 owner(s) or 12.20% in the last quarter. Average portfolio weight of all funds dedicated to PLRX is 0.39%, a decrease of 37.77%. Total shares owned by institutions increased in the last three months by 5.64% to 64,156K shares. The put/call ratio of PLRX is 0.21, indicating a bullish outlook.

What are Other Shareholders Doing?

Deep Track Capital holds 4,050K shares representing 6.77% ownership of the company. In it's prior filing, the firm reported owning 3,422K shares, representing an increase of 15.50%. The firm decreased its portfolio allocation in PLRX by 9.13% over the last quarter.

Laurion Capital Management holds 3,159K shares representing 5.28% ownership of the company. In it's prior filing, the firm reported owning 0K shares, representing an increase of 100.00%.

CHI Advisors holds 3,117K shares representing 5.21% ownership of the company. In it's prior filing, the firm reported owning 3,002K shares, representing an increase of 3.70%. The firm decreased its portfolio allocation in PLRX by 19.15% over the last quarter.

Price T Rowe Associates holds 2,971K shares representing 4.97% ownership of the company. In it's prior filing, the firm reported owning 2,106K shares, representing an increase of 29.10%. The firm increased its portfolio allocation in PLRX by 101.79% over the last quarter.

Redmile Group holds 2,678K shares representing 4.48% ownership of the company. In it's prior filing, the firm reported owning 2,926K shares, representing a decrease of 9.24%. The firm decreased its portfolio allocation in PLRX by 44.84% over the last quarter.

Pliant Therapeutics Background Information
(This description is provided by the company.)

Pliant Therapeutics is a clinical stage biopharmaceutical company focused on discovering and developing novel therapies for the treatment of fibrosis. Pliant's lead product candidate, PLN-74809, is an oral small-molecule dual selective inhibitor of avß6 and avß1 integrins that is in development for the treatment of idiopathic pulmonary fibrosis, or IPF, and primary sclerosing cholangitis, or PSC. PLN-74809 has received Orphan Drug Designation from the U.S. Food and Drug Administration for both IPF and PSC. Pliant is currently recruiting Phase 2a trials of PLN-74809 for the treatment of IPF and PSC. Pliant's second product candidate, PLN-1474, is a small-molecule selective inhibitor of avß1 for the treatment of liver fibrosis associated with nonalcoholic steatohepatitis, or NASH, which Pliant has partnered with Novartis. In addition to clinical stage programs, Pliant currently has two preclinical programs targeting oncology and muscular dystrophies.

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