Pliant Therapeutics downgraded at Stifel after bexotegrast study discontinued

As previously reported, Stifel analyst Alex Thompson downgraded Pliant Therapeutics (PLRX) to Hold from Buy with a price target of $3, down from $32, following the discontinuation of the Phase 2b BEACON-IPF study of bexotegrast due to an observed imbalance of IPF-related adverse events. While there remains meaningful unmet need in idiopathic pulmonary fibrosis and Pliant is currently trading “well below” cash per share of about $5, the long clinical timelines and uncertain path forward “make it challenging to have conviction without more clarity,” the analyst tells investors.