What's Going On With Pliant Therapeutics Stock?

Pliant Therapeutics Inc PLRX shares are trading lower Tuesday after the company announced a proposed $150 million offering.

Pliant Therapeutics shares soared by nearly 160% Monday on the company's treatment for Idiopathic Pulmonary Fibrosis, which was well tolerated in a Phase 2a study. 

After the market closed, Pliant announced that it commenced an underwritten public offering of $150 million of its common stock. In addition, Pliant expects to grant the underwriters a 30-day option to purchase up to an additional $22.5 million of its stock at the public offering price. All of the shares in the offering will be sold by Pliant.

Pliant said it intends to use the proceeds from the proposed offering to develop its ongoing and future preclinical and clinical programs including PLN-74809 and to further develop its integrin targeting platform.

Pliant is a clinical stage biopharmaceutical company focused on discovering and developing novel therapies for the treatment of fibrosis.

PLRX Price Action: Pliant has traded between $28.02 and $3.96 over a 52-week period.

The stock was down 4.78% at $21.90 at press time, according to data from Benzinga Pro.

Photo: PublicDomainPictures from Pixabay.