Needham Releases a Buy Rating on Pliant Therapeutics (PLRX)

By Ryan Adsit

In a report released today, Alan Carr from Needham assigned a Buy rating to Pliant Therapeutics (PLRXResearch Report), with a price target of $40.00. The company’s shares closed last Wednesday at $26.21.

According to TipRanks.com, Carr is a 3-star analyst with an average return of 0.9% and a 41.4% success rate. Carr covers the Healthcare sector, focusing on stocks such as Lexicon Pharmaceuticals, Phathom Pharmaceuticals, and ACADIA Pharmaceuticals.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Pliant Therapeutics with a $43.33 average price target, representing a 62.0% upside. In a report released today, Piper Sandler also maintained a Buy rating on the stock with a $50.00 price target.

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Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PLRX in relation to earlier this year.

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Pliant Therapeutics Inc is a clinical stage biopharmaceutical company focused on discovering and developing novel therapies for the treatment of fibrosis. Its lead product candidate, PLN-74809, is an oral small-molecule dual that helps in the treatment of idiopathic pulmonary fibrosis.