Pliant Therapeutics (NASDAQ:PLRX) Trading Down 7% - Here's Why

Key Points

• Pliant Therapeutics shares fell 7% on Monday, trading as low as $1.07 on heavier-than-normal volume. The move came after the stock had closed at $1.15.
• Analyst sentiment remains cautious: Weiss Ratings reiterated a sell rating, while Wall Street Zen upgraded the stock to hold. Overall, the stock carries an average Reduce rating with a $3.00 target price.
• The company recently beat quarterly EPS estimates, reporting ($0.32) versus the expected ($0.36), but it remains a small clinical-stage biopharmaceutical firm with a $66.25 million market cap and no profitability expected this year.

Shares of Pliant Therapeutics, Inc. (NASDAQ:PLRX - Get Free Report) traded down 7% on Monday . The company traded as low as $1.07 and last traded at $1.07. 795,872 shares changed hands during mid-day trading, an increase of 32% from the average session volume of 601,572 shares. The stock had previously closed at $1.15.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Pliant Therapeutics in a research report on Tuesday, April 21st. Wall Street Zen raised shares of Pliant Therapeutics from a "sell" rating to a "hold" rating in a research report on Tuesday, May 19th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $3.00.

Pliant Therapeutics Stock Performance

The stock's 50-day simple moving average is $1.16 and its two-hundred day simple moving average is $1.23. The stock has a market cap of $66.25 million, a price-to-earnings ratio of -0.58 and a beta of 1.21.

Pliant Therapeutics (NASDAQ:PLRX - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.04. As a group, research analysts predict that Pliant Therapeutics, Inc. will post -1.31 earnings per share for the current year.

Institutional Trading of Pliant Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PLRX. Jump Financial LLC bought a new position in Pliant Therapeutics in the 2nd quarter worth approximately $30,000. Public Employees Retirement System of Ohio acquired a new position in shares of Pliant Therapeutics during the first quarter worth approximately $36,000. Engineers Gate Manager LP boosted its position in shares of Pliant Therapeutics by 139.4% in the second quarter. Engineers Gate Manager LP now owns 31,423 shares of the company's stock valued at $36,000 after acquiring an additional 18,300 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of Pliant Therapeutics in the second quarter valued at approximately $36,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Pliant Therapeutics in the third quarter worth $37,000. Institutional investors and hedge funds own 97.30% of the company's stock.

About Pliant Therapeutics

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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