Great Point Partners LLC Sells 726,743 Shares of Pliant Therapeutics, Inc. (NASDAQ:PLRX)

Great Point Partners LLC reduced its holdings in Pliant Therapeutics, Inc. (NASDAQ:PLRX) by 27.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,910,121 shares of the company’s stock after selling 726,743 shares during the quarter. Pliant Therapeutics comprises 6.3% of Great Point Partners LLC’s portfolio, making the stock its 3rd biggest holding. Great Point Partners LLC’s holdings in Pliant Therapeutics were worth $21,412,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Summit Securities Group LLC acquired a new position in shares of Pliant Therapeutics during the second quarter valued at about $59,000. Atria Investments Inc bought a new position in Pliant Therapeutics during the third quarter worth about $112,000. Deerfield Management Company L.P. Series C acquired a new stake in Pliant Therapeutics in the 2nd quarter valued at $126,000. China Universal Asset Management Co. Ltd. grew its position in Pliant Therapeutics by 65.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 11,694 shares of the company’s stock valued at $131,000 after acquiring an additional 4,607 shares during the period. Finally, Intech Investment Management LLC acquired a new position in Pliant Therapeutics during the third quarter worth $145,000. Institutional investors own 97.30% of the company’s stock.

Pliant Therapeutics Price Performance

Pliant Therapeutics stock opened at $13.34 on Wednesday. Pliant Therapeutics, Inc. has a 1 year low of $10.22 and a 1 year high of $19.62. The company’s 50-day moving average is $13.16 and its two-hundred day moving average is $12.75. The company has a debt-to-equity ratio of 0.09, a quick ratio of 10.26 and a current ratio of 10.26.

Wall Street Analysts Forecast Growth

PLRX has been the topic of several recent analyst reports. Leerink Partnrs upgraded shares of Pliant Therapeutics to a “strong-buy” rating in a research note on Monday, September 9th. Cantor Fitzgerald reissued an “overweight” rating on shares of Pliant Therapeutics in a report on Thursday, August 8th. Leerink Partners initiated coverage on Pliant Therapeutics in a research report on Monday, September 9th. They set an “outperform” rating and a $33.00 price target on the stock. Oppenheimer reduced their price target on shares of Pliant Therapeutics from $48.00 to $45.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Finally, HC Wainwright restated a “buy” rating and issued a $38.00 price objective on shares of Pliant Therapeutics in a research report on Friday, November 8th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $40.57.

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.