Piper Sandler believes the 24% decline in Pliant Therapeutics (PLRX) following the release of "really strong" 24-week data from the 320 mg dose group of the INTEGRIS-IPF Phase 2a trial of bexotegrast in patients with idiopathic pulmonary fibrosis is "highly unjustified" and presents a buying opportunity. The firm, which argues that the data suggests bexotegrast is "clearly de-risked as the only anti-fibrotic agent on the IPF horizon," believes in the context of the recent acquisition of Bellus Health (BLU) that there is a "significant interest level for strategics." Piper has an Overweight rating and $40 price target on Pliant shares.
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Published first on TheFly
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