Analyst Edward Nash of Canaccord Genuity maintained a Hold rating on Pliant Therapeutics (PLRX – Research Report), retaining the price target of $4.00.
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Edward Nash has given his Hold rating due to a combination of factors surrounding Pliant Therapeutics’ current clinical developments and financial outlook. The company is in the process of concluding its Phase IIb/III BEACON-IPF study, which was discontinued due to a higher incidence of adverse events in the treatment group compared to the placebo group. This has shifted the company’s focus towards its oncology pipeline, specifically the ongoing Phase I trial for PLN-101095 in solid tumors.
While the initial data from the first three cohorts of this trial showed some promise with partial responses in resistant tumors, the study is still in early stages, with the fourth cohort currently enrolling. The uncertainty surrounding the outcomes of these trials, combined with the company’s current market position and financial metrics, has led Nash to maintain a cautious stance with a Hold rating. This suggests that while there is potential for future growth, the risks and uncertainties present warrant a wait-and-see approach for investors at this time.