Pliant Therapeutics’ (PLRX) “Buy” Rating Reiterated at Needham & Company LLC

Pliant Therapeutics (NASDAQ:PLRX)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $45.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 181.60% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on PLRX. Royal Bank of Canada lowered their price target on Pliant Therapeutics from $57.00 to $54.00 in a research report on Thursday, August 10th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $63.00 price target on shares of Pliant Therapeutics in a research note on Tuesday, August 22nd. Oppenheimer upped their price objective on Pliant Therapeutics from $51.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, August 10th. HC Wainwright reaffirmed a “buy” rating and set a $50.00 target price on shares of Pliant Therapeutics in a report on Tuesday, August 29th. Finally, Canaccord Genuity Group initiated coverage on Pliant Therapeutics in a report on Thursday, May 18th. They set a “buy” rating and a $48.00 target price for the company. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Pliant Therapeutics currently has an average rating of “Buy” and a consensus price target of $48.36.

Pliant Therapeutics Price Performance

PLRX stock traded down $0.20 during midday trading on Friday, hitting $15.98. 208,769 shares of the stock were exchanged, compared to its average volume of 789,105. The stock’s 50-day moving average price is $17.54 and its 200-day moving average price is $22.21. The stock has a market cap of $956.08 million, a price-to-earnings ratio of -5.83 and a beta of 1.25. Pliant Therapeutics has a fifty-two week low of $15.82 and a fifty-two week high of $36.64. The company has a debt-to-equity ratio of 0.02, a quick ratio of 19.16 and a current ratio of 19.16.

Pliant Therapeutics (NASDAQ:PLRX) last released its quarterly earnings results on Wednesday, August 9th. The company reported ($0.70) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.03. Pliant Therapeutics had a negative return on equity of 33.10% and a negative net margin of 2,872.79%. The company had revenue of $0.25 million during the quarter, compared to analysts’ expectations of $1.10 million. Research analysts predict that Pliant Therapeutics will post -2.99 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Eric Lefebvre sold 22,321 shares of Pliant Therapeutics stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $18.01, for a total value of $402,001.21. Following the completion of the transaction, the insider now owns 167,215 shares in the company, valued at $3,011,542.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Pliant Therapeutics news, insider Eric Lefebvre sold 22,321 shares of Pliant Therapeutics stock in a transaction on Monday, July 17th. The shares were sold at an average price of $18.01, for a total transaction of $402,001.21. Following the completion of the sale, the insider now owns 167,215 shares of the company’s stock, valued at approximately $3,011,542.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Hans Hull sold 13,069 shares of Pliant Therapeutics stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $20.00, for a total transaction of $261,380.00. Following the sale, the insider now directly owns 206,114 shares of the company’s stock, valued at approximately $4,122,280. The disclosure for this sale can be found here. Insiders sold a total of 142,844 shares of company stock worth $2,596,440 over the last quarter. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Pliant Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. Swiss National Bank increased its stake in shares of Pliant Therapeutics by 8.8% during the 1st quarter. Swiss National Bank now owns 29,800 shares of the company’s stock worth $209,000 after purchasing an additional 2,400 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in Pliant Therapeutics in the first quarter valued at approximately $27,000. BlackRock Inc. boosted its position in Pliant Therapeutics by 0.6% in the first quarter. BlackRock Inc. now owns 1,698,212 shares of the company’s stock valued at $11,905,000 after buying an additional 10,338 shares in the last quarter. Dimensional Fund Advisors LP acquired a new position in shares of Pliant Therapeutics during the first quarter worth $95,000. Finally, Lord Abbett & CO. LLC lifted its holdings in shares of Pliant Therapeutics by 1.8% during the first quarter. Lord Abbett & CO. LLC now owns 297,034 shares of the company’s stock worth $2,082,000 after purchasing an additional 5,220 shares during the period. 97.30% of the stock is owned by 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 three Phase IIa trials for idiopathic pulmonary fibrosis and primary sclerosing cholangitis.