These Analysts Revise Their Forecasts On Pliant Therapeutics Following Q1 Earnings

Pliant Therapeutics, Inc. PLRX posted a loss for its first quarter on Monday.

Pliant Therapeutics posted a quarterly loss of 78 cents per share, versus market expectations for a loss of 77 cents per share, according to data from Benzinga Pro.

Research and development expenses rose to $37.1 million from $29.3 million for the year-ago quarter, while general and administrative expenses increased to $15.2 million from $14.2 million.

“In the first quarter, we made significant progress across our portfolio, highlighted by the positive safety and exploratory efficacy data from our Phase 2a INTEGRIS-PSC trial, as well as completion of a Phase 2a PET imaging trial evaluating bexotegrast’s effects on total lung collagen and lung function in IPF patients,” said Bernard Coulie, M.D., Ph.D., President and Chief Executive Officer of Pliant Therapeutics. “Our strong execution has also allowed us to accelerate the ongoing BEACON-IPF Phase 2b trial through the implementation of an adaptive Phase 2b/3 design which will reduce the time to Phase 3 data by up to two years.”

Pliant Therapeutics shares fell 1.4% to close at $13.79 on Monday.

These analysts made changes to their price targets on Pliant Therapeutics following earnings announcement.

• Oppenheimer raised the price target on Pliant Therapeutics from $47 to $48. Oppenheimer analyst Jeff Jones reiterated an Outperform rating.
• RBC Capital cut the price target on Pliant Therapeutics from $54 to $45. RBC Capital analyst Brian Abrahams maintained an Outperform rating.
• Needham analyst Joseph Stringer reiterated Pliant Therapeutics with a Buy and maintained a $38 price target.
• HC Wainwright & Co. analyst Ed Arce reiterated Pliant Therapeutics with a Buy and maintained a $36 price target.

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