Pliant Therapeutics price target lowered to $4 from $17 at Piper Sandler

Piper Sandler analyst Yasmeen Rahimi lowered the firm’s price target on Pliant Therapeutics (PLRX) to $4 from $17 and keeps an Overweight rating on the shares. The firm cites cash per share as there is uncertainty regarding the path forward in oncology. Piper notes that at Pliant’s Q2 update, management reiterated that bexotegrast development in IPF has been discontinued following a full analysis of safety/efficacy from Phase 2b/3 BEACON-IPF with full results to be submitted for a future publication.