Pliant Therapeutics (NASDAQ:PLRX) Stock Price Up 6.2% – Here’s What Happened

Pliant Therapeutics, Inc. (NASDAQ:PLRX)’s stock price rose 6.2% during mid-day trading on Monday . The company traded as high as $14.70 and last traded at $14.66. Approximately 458,607 shares were traded during mid-day trading, an increase of 0% from the average daily volume of 456,788 shares. The stock had previously closed at $13.80.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on PLRX shares. Leerink Partners started coverage on Pliant Therapeutics in a research note on Monday, September 9th. They issued an “outperform” rating and a $33.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Pliant Therapeutics in a research report on Friday, November 8th. Oppenheimer cut their price target on shares of Pliant Therapeutics from $48.00 to $45.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Leerink Partnrs raised shares of Pliant Therapeutics to a “strong-buy” rating in a report on Monday, September 9th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Pliant Therapeutics in a research note on Thursday, August 8th. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $40.57.

Pliant Therapeutics Stock Up 0.5 %

The stock has a market cap of $894.50 million, a PE ratio of -4.43 and a beta of 1.05. The company has a current ratio of 10.26, a quick ratio of 10.26 and a debt-to-equity ratio of 0.09. The business has a 50-day moving average price of $13.38 and a 200-day moving average price of $12.73.

Hedge Funds Weigh In On Pliant Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of PLRX. Vanguard Group Inc. raised its stake in Pliant Therapeutics by 13.5% during the first quarter. Vanguard Group Inc. now owns 3,478,355 shares of the company’s stock worth $51,827,000 after purchasing an additional 412,486 shares during the period. Rice Hall James & Associates LLC purchased a new stake in Pliant Therapeutics in the 2nd quarter valued at about $1,372,000. Renaissance Technologies LLC raised its stake in shares of Pliant Therapeutics by 233.8% in the 2nd quarter. Renaissance Technologies LLC now owns 253,369 shares of the company’s stock valued at $2,724,000 after acquiring an additional 177,469 shares during the period. Candriam S.C.A. raised its stake in shares of Pliant Therapeutics by 52.0% in the 2nd quarter. Candriam S.C.A. now owns 833,216 shares of the company’s stock valued at $8,957,000 after acquiring an additional 285,216 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in Pliant Therapeutics by 1.4% in the second quarter. The Manufacturers Life Insurance Company now owns 83,483 shares of the company’s stock valued at $897,000 after purchasing an additional 1,191 shares during the period. 97.30% of the stock is owned by hedge funds and other 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 phase 2b trials for idiopathic pulmonary fibrosis and in phase 2a trial for primary sclerosing cholangitis.