Pliant Therapeutics price target lowered to $1.50 from $4 at Citi

Citi lowered the firm’s price target on Pliant Therapeutics (PLRX) to $1.50 from $4 and keeps a Neutral rating on the shares. The company reported Q4 earnings after announcing it had discontinued the Phase 2b BEACON-IPF trial for bexotegrast in idiopathic pulmonary fibrosis after an outside expert panel completed an secondary review and concurred with the Data Safety Monitoring Board’s recommendation, the analyst tells investors in a research note. Post the update, Citi substantially reduce its bexotegrast estimates, delaying a timeline of potential launch and lowering its probability of success to 20% from 40%.