Analyst Joseph Stringer from Needham maintained a Buy rating on Pliant Therapeutics (PLRX – Research Report) and keeping the price target at $10.00.
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Joseph Stringer’s rating is based on the recent developments regarding Pliant Therapeutics’ Phase 2b trial for idiopathic pulmonary fibrosis (IPF). The trial was paused, but the company has now initiated an independent review of the unblinded data by an external expert panel. This move is expected to result in an expanded Data Safety Monitoring Board (DSMB) which will provide an updated recommendation on the trial’s future.
Despite the uncertainty surrounding the trial’s pause, there remains some optimism that the issue might be resolved in favor of Pliant Therapeutics. The company’s stock has seen a significant increase, indicating market confidence that the trial could potentially resume and continue as a pivotal study. Joseph Stringer seems to have taken these developments into account, along with the potential for a positive outcome, in his decision to rate the stock with a Buy recommendation.