Shares of biopharmaceutical company Pliant Therapeutics (NASDAQ:PLRX) are rising higher today after the company announced positive 12-week interim data from the Phase 2a study evaluating bexotegrast for the treatment of idiopathic pulmonary fibrosis (IPF).
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The study met its primary as well as secondary endpoints, displaying a favorable pharmacokinetic profile. Importantly, the drug was also well tolerated among subjects.
Next, final data from the trial is anticipated in Q2 2023 and the company is looking forward to advancing the drug in Phase 2b trial.
Shares of the company have now risen nearly 101% over the past 52 weeks while short interest in the stock remains high at about 11% at present. The Street though, has a Strong Buy consensus rating on the stock alongside an average price target of $41.83, which points to a further 85.83% potential upside in the stock.
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