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Investing.com - Piper Sandler has lowered its price target on Pliant Therapeutics (NASDAQ:PLRX) to $4.00 from $17.00 while maintaining an Overweight rating on the stock. The stock has fallen over 86% in the past year, with shares currently trading at $1.68. According to InvestingPro analysis, the company’s financial health score remains weak at 1.73 out of 5.
The research firm cited the company’s discontinuation of bexotegrast development for idiopathic pulmonary fibrosis (IPF) following a full analysis of safety and efficacy data from the Phase 2b/3 BEACON-IPF trial, with complete results expected to be submitted for future publication.
Pliant Therapeutics is continuing to advance PLN-101095, its αvβ8/αvβ1 inhibitor, in an open-label Phase 1 dose-escalation study for solid tumors, with the company currently dosing the fifth and final planned dose cohort.
Management has guided that initial data from the two highest dose cohorts will be released by year-end 2025, following previously reported positive initial data from the first three cohorts.
As of June 30, 2025, Pliant Therapeutics reported $264.4 million in cash, with Piper Sandler basing its new price target on cash per share due to uncertainty regarding the company’s path forward in oncology.
In other recent news, Pliant Therapeutics has decided to discontinue the development of bexotegrast for idiopathic pulmonary fibrosis (IPF). This decision follows a review of data from the halted BEACON-IPF Phase 2b/3 clinical trial, which was initially stopped due to safety concerns identified by an independent Data Safety Monitoring Board. The analysis revealed an unfavorable risk-benefit profile for the drug at both tested doses. Additionally, Pliant Therapeutics has announced amendments to its corporate bylaws following a stockholder vote at its Annual Meeting. The changes aim to limit the liability of certain officers under Delaware law. The meeting also included votes on the election of directors and the approval of executive compensation. Furthermore, Pliant presented new data on bexotegrast at the American Thoracic Society 2025 International Conference, highlighting the drug’s potential to inhibit fibrogenesis in lung tissue, though not specifically for IPF.
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