Pliant Therapeutics price target lowered to $45 from $54 at RBC Capital

RBC Capital lowered the firm’s price target on Pliant Therapeutics to $45 from $54 and keeps an Outperform rating on the shares. The analyst is updating the firm’s model to better reflect potential launch timelines and expense run-rates for Pliant Therapeutic. Pliant’s IPF program remains on track with the phase 2b expected to complete enrollment Q1, and while this likely places the readout several years away, the additional bexo data in the second indication, PSC, expected mid-year should reaffirm its safety and antifibrotic activity while further de-risking the program, RBC tells investors in a research note.