Redmile Group LLC Reduces Stock Holdings in 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 lessened its holdings in Pliant Therapeutics, Inc. (NASDAQ:PLRX - Free Report) by 29.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,053,559 shares of the company's stock after selling 841,919 shares during the quarter. Redmile Group LLC owned about 3.35% of Pliant Therapeutics worth $2,772,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of PLRX. Frazier Life Sciences Management L.P. purchased a new stake in Pliant Therapeutics in the fourth quarter worth about $14,761,000. Deutsche Bank AG increased its position in Pliant Therapeutics by 66.3% in the fourth quarter. Deutsche Bank AG now owns 2,551,865 shares of the company's stock worth $33,608,000 after buying an additional 1,017,500 shares in the last quarter. Peapod Lane Capital LLC purchased a new stake in Pliant Therapeutics in the first quarter worth about $867,000. XTX Topco Ltd bought a new position in Pliant Therapeutics in the 1st quarter worth approximately $630,000. Finally, CW Advisors LLC bought a new position in Pliant Therapeutics during the first quarter valued at approximately $570,000. Hedge funds and other institutional investors own 97.30% of the company's stock.

Pliant Therapeutics Trading Up 14.1%

Shares of PLRX stock traded up $0.23 on Friday, reaching $1.86. 3,425,075 shares of the company's stock were exchanged, compared to its average volume of 865,742. Pliant Therapeutics, Inc. has a 52 week low of $1.10 and a 52 week high of $16.10. The company has a current ratio of 12.99, a quick ratio of 12.99 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $114.18 million, a PE ratio of -0.55 and a beta of 1.43. The company's fifty day simple moving average is $1.51 and its 200 day simple moving average is $1.55.

Pliant Therapeutics (NASDAQ:PLRX - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.71) earnings per share for the quarter, missing analysts' consensus estimates of ($0.62) by ($0.09). As a group, analysts forecast that Pliant Therapeutics, Inc. will post -3.64 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.