ADAR1 Capital Management LLC Takes $6.28 Million Position in Pliant Therapeutics, Inc. $PLRX

Key Points

• ADAR1 Capital Management established a new 5.51 million-share position in Pliant Therapeutics valued at approximately $6.28 million, representing about 8.9% of the company.
• Institutional investors own 97.3% of PLRX, while the stock recently traded at $1.19 with a market capitalization of about $73.7 million.
• Pliant missed its latest quarterly earnings estimate, reporting a loss of $0.36 per share versus expectations of $0.34, and analysts assign the stock an overall “Reduce” rating with a $3.00 average price target.

ADAR1 Capital Management LLC bought a new position in Pliant Therapeutics, Inc. (NASDAQ:PLRX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 5,509,724 shares of the company's stock, valued at approximately $6,281,000. ADAR1 Capital Management LLC owned about 8.90% of Pliant Therapeutics at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Rangeley Capital LLC increased its stake in Pliant Therapeutics by 20.4% in the 2nd quarter. Rangeley Capital LLC now owns 60,220 shares of the company's stock worth $70,000 after acquiring an additional 10,220 shares during the last quarter. Algert Global LLC boosted its position in shares of Pliant Therapeutics by 17.7% during the 3rd quarter. Algert Global LLC now owns 104,382 shares of the company's stock valued at $154,000 after acquiring an additional 15,692 shares during the last quarter. Eversept Partners LP grew its holdings in shares of Pliant Therapeutics by 2.1% in the fourth quarter. Eversept Partners LP now owns 842,023 shares of the company's stock valued at $1,027,000 after purchasing an additional 17,429 shares in the last quarter. Engineers Gate Manager LP increased its position in Pliant Therapeutics by 139.4% in the second quarter. Engineers Gate Manager LP now owns 31,423 shares of the company's stock worth $36,000 after purchasing an additional 18,300 shares during the last quarter. Finally, Invesco Ltd. increased its position in Pliant Therapeutics by 42.2% in the first quarter. Invesco Ltd. now owns 68,963 shares of the company's stock worth $93,000 after purchasing an additional 20,449 shares during the last quarter. 97.30% of the stock is currently owned by hedge funds and other institutional investors.

Pliant Therapeutics Price Performance

NASDAQ:PLRX opened at $1.19 on Wednesday. The firm has a market capitalization of $73.68 million, a price-to-earnings ratio of -0.80 and a beta of 1.24. The business has a 50 day simple moving average of $1.11 and a 200-day simple moving average of $1.20. Pliant Therapeutics, Inc. has a 1 year low of $1.02 and a 1 year high of $1.95.

Pliant Therapeutics (NASDAQ:PLRX - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.02). As a group, analysts expect that Pliant Therapeutics, Inc. will post -1.42 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PLRX has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of Pliant Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Weiss Ratings reissued a "sell (e+)" rating on shares of Pliant Therapeutics in a research note on Friday, July 17th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and an average price target of $3.00.

Pliant Therapeutics Company Profile

Pliant Therapeutics, Inc NASDAQ: PLRX is a clinical-stage biopharmaceutical company focused on discovering and developing novel therapies for fibrotic diseases. Headquartered in Redwood City, California, Pliant applies a precision medicine approach to target integrin-mediated signaling pathways implicated in the development and progression of fibrosis across organ systems.

The company's lead product candidate, PLN-74809, is an oral small molecule designed to inhibit both αvβ1 and αvβ6 integrins in patients with idiopathic pulmonary fibrosis (IPF) and primary sclerosing cholangitis (PSC).

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