Leerink Partners analyst Faisal Khurshid reiterated a Hold rating on Pliant Therapeutics (PLRX – Research Report) on May 8 and set a price target of $2.00.
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Faisal Khurshid’s rating is based on several factors influencing Pliant Therapeutics’ current position. The company recently reported its first-quarter earnings for 2025 and highlighted the anticipated data from the discontinued BEACON-IPF trial, which is expected to guide future program decisions. Despite the trial’s discontinuation, Pliant Therapeutics is exploring potential pathways for its drug, bexotegrast, particularly in pulmonary fibrosis or liver disease, possibly with an adjusted dosing schedule to enhance its therapeutic efficacy.
Additionally, the company has undertaken restructuring efforts, including workforce reductions, to manage cash burn, though it has not yet updated its cash runway projections. The ongoing Phase 1 study for PLN-101095 in oncology, which is being tested in combination with anti-PD1 in patients with refractory solid tumors, has shown some initial promising responses. However, more detailed data is needed to fully assess its value. These factors contribute to the Hold rating, reflecting a cautious outlook pending further developments.