Piper Sandler Has Lowered Expectations for Pliant Therapeutics (NASDAQ:PLRX) Stock Price

Pliant Therapeutics (NASDAQ:PLRX) had its price objective decreased by equities researchers at Piper Sandler from $17.00 to $4.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 140.96% from the company’s previous close.

Pliant Therapeutics Trading Down 1.2%

Shares of PLRX opened at $1.66 on Friday. The firm has a market capitalization of $101.91 million, a P/E ratio of -0.49 and a beta of 1.42. The stock’s fifty day simple moving average is $1.44 and its 200 day simple moving average is $2.40. Pliant Therapeutics has a twelve month low of $1.10 and a twelve month high of $16.10.

Pliant Therapeutics (NASDAQ:PLRX) last issued its earnings results on Thursday, August 7th. The company reported ($0.71) earnings per share for the quarter, missing the consensus estimate of ($0.62) by ($0.09). Sell-side analysts predict that Pliant Therapeutics will post -3.64 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PLRX. Vanguard Personalized Indexing Management LLC raised its position in Pliant Therapeutics by 119.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 35,540 shares of the company’s stock valued at $41,000 after purchasing an additional 19,320 shares during the period. Aquatic Capital Management LLC raised its position in Pliant Therapeutics by 1,299.0% in the fourth quarter. Aquatic Capital Management LLC now owns 5,596 shares of the company’s stock valued at $74,000 after purchasing an additional 5,196 shares during the period. Federated Hermes Inc. raised its position in Pliant Therapeutics by 1,557.6% in the first quarter. Federated Hermes Inc. now owns 59,209 shares of the company’s stock valued at $80,000 after purchasing an additional 55,637 shares during the period. Invesco Ltd. raised its position in Pliant Therapeutics by 42.2% in the first quarter. Invesco Ltd. now owns 68,963 shares of the company’s stock valued at $93,000 after purchasing an additional 20,449 shares during the period. Finally, Voleon Capital Management LP purchased a new position in Pliant Therapeutics in the first quarter valued at about $97,000. 97.30% of the stock is owned by hedge funds and other institutional investors.

About Pliant Therapeutics

Pliant Therapeutics, Inc, a clinical stage biopharmaceutical company, discovers, develops, and commercializes novel therapies for the treatment of fibrosis and related diseases in the United States. The company's lead candidate is bexotegrast, an oral, small-molecule, dual selective inhibitor of avß6 and avß1 integrins, which is in phase 2b trials for idiopathic pulmonary fibrosis and in phase 2a trial for primary sclerosing cholangitis.