Pliant Therapeutics downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo last night downgraded Pliant Therapeutics (PLRX) to Equal Weight from Overweight with a price target of $4, down from $41. The “unexpected pause” in enrollment following the Data and Safety Monitoring Board recommendation adds too much uncertainty on the path forward, the analyst tells investors in a research note. The firm says investors will likely write off bexotegrast in the near term, and safety may persist as an overhang on the program.