Leerink Partners analyst Faisal Khurshid has maintained their bullish stance on PLRX stock, giving a Buy rating on February 13.
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Faisal Khurshid has given his Buy rating due to a combination of factors involving Pliant Therapeutics’ handling of the current trial uncertainty. The company is proactively assembling an independent panel of experts to review unblinded data from their Phase 2b BEACON-IPF trial, which shows a commitment to transparency and problem-solving. This step is taken despite the DSMB’s pause recommendation, which was based on safety and efficacy concerns not severe enough to halt the trial entirely.
Khursid notes that the FDA’s lack of a clinical hold is a positive indicator, suggesting that the issues may be non-serious. The involvement of external experts to evaluate the trial further implies that the potential of bexotegrast remains viable. While the path forward is uncertain and potentially complicated, these actions demonstrate a possibility for the trial to continue, supporting a positive outlook on the stock.
In another report released on February 13, Stifel Nicolaus also reiterated a Buy rating on the stock with a $32.00 price target.
PLRX’s price has also changed dramatically for the past six months – from $12.270 to $3.290, which is a -73.19% drop .