Redmile Group LLC Sells 841,919 Shares of Pliant Therapeutics, Inc. $PLRX

Key Points

• Redmile Group LLC has reduced its holdings in Pliant Therapeutics by 29.1%, selling 841,919 shares and now owning 2,053,559 shares, worth approximately $2.77 million.
• Analysts' ratings for Pliant Therapeutics are predominantly "Hold," with a consensus price target of $8.19 despite Piper Sandler lowering their price objective to $4.00.
• Pliant Therapeutics recently reported a miss in earnings with an EPS of ($0.71), falling short of the expected ($0.62) consensus estimate.

Redmile Group LLC trimmed its holdings in shares of Pliant Therapeutics, Inc. (NASDAQ:PLRX - Free Report) by 29.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,053,559 shares of the company's stock after selling 841,919 shares during the period. Redmile Group LLC owned about 3.35% of Pliant Therapeutics worth $2,772,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PLRX. Dimensional Fund Advisors LP raised its stake in shares of Pliant Therapeutics by 20.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 547,297 shares of the company's stock valued at $7,206,000 after purchasing an additional 91,131 shares during the period. MetLife Investment Management LLC raised its stake in shares of Pliant Therapeutics by 11.9% during the fourth quarter. MetLife Investment Management LLC now owns 36,788 shares of the company's stock valued at $484,000 after purchasing an additional 3,925 shares during the period. Aquatic Capital Management LLC raised its stake in shares of Pliant Therapeutics by 1,299.0% during the fourth quarter. Aquatic Capital Management LLC now owns 5,596 shares of the company's stock valued at $74,000 after purchasing an additional 5,196 shares during the period. Northern Trust Corp raised its stake in shares of Pliant Therapeutics by 10.7% during the fourth quarter. Northern Trust Corp now owns 555,600 shares of the company's stock valued at $7,317,000 after purchasing an additional 53,584 shares during the period. Finally, BNP Paribas Financial Markets bought a new stake in shares of Pliant Therapeutics in the fourth quarter worth $99,000. Hedge funds and other institutional investors own 97.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Piper Sandler dropped their price target on shares of Pliant Therapeutics from $17.00 to $4.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Citigroup reiterated a "neutral" rating on shares of Pliant Therapeutics in a research note on Sunday, August 10th. One analyst has rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $8.19.

Pliant Therapeutics Trading Up 14.1%

Shares of Pliant Therapeutics stock traded up $0.23 during trading on Friday, hitting $1.86. The stock had a trading volume of 3,425,075 shares, compared to its average volume of 865,742. The stock has a 50 day simple moving average of $1.51 and a 200 day simple moving average of $1.56. The company has a quick ratio of 12.99, a current ratio of 12.99 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $114.19 million, a PE ratio of -0.55 and a beta of 1.43. Pliant Therapeutics, Inc. has a 1 year low of $1.10 and a 1 year high of $16.10.

Pliant Therapeutics (NASDAQ:PLRX - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.71) EPS for the quarter, missing analysts' consensus estimates of ($0.62) by ($0.09). On average, research analysts expect that Pliant Therapeutics, Inc. will post -3.64 EPS for the current fiscal year.

Pliant Therapeutics Company Profile

Pliant Therapeutics, Inc, a clinical stage biopharmaceutical company, discovers, develops, and commercializes novel therapies for the treatment of fibrosis and related diseases in the United States. The company's lead candidate is bexotegrast, an oral, small-molecule, dual selective inhibitor of avß6 and avß1 integrins, which is in phase 2b trials for idiopathic pulmonary fibrosis and in phase 2a trial for primary sclerosing cholangitis.