Pliant Therapeutics (NASDAQ:PLRX) Stock Price Up 11% - Still a Buy?

Pliant Therapeutics, Inc. (NASDAQ:PLRX - Get Free Report) shot up 11% on Wednesday . The stock traded as high as $12.48 and last traded at $12.48. 312,527 shares were traded during mid-day trading, a decline of 12% from the average session volume of 355,436 shares. The stock had previously closed at $11.24.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a "buy" rating and issued a $38.00 price objective on shares of Pliant Therapeutics in a research report on Friday, November 8th. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $40.50.

Pliant Therapeutics Stock Performance

The firm has a market capitalization of $768.59 million, a P/E ratio of -3.78 and a beta of 1.05. The company has a 50-day simple moving average of $13.57 and a two-hundred day simple moving average of $13.04. The company has a debt-to-equity ratio of 0.09, a quick ratio of 10.26 and a current ratio of 10.26.

Institutional Investors Weigh In On Pliant Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLRX. Great Point Partners LLC boosted its holdings in shares of Pliant Therapeutics by 42.4% during the 2nd quarter. Great Point Partners LLC now owns 2,636,864 shares of the company's stock valued at $28,346,000 after buying an additional 785,000 shares in the last quarter. State Street Corp lifted its position in Pliant Therapeutics by 1.9% during the 3rd quarter. State Street Corp now owns 1,402,730 shares of the company's stock valued at $15,725,000 after acquiring an additional 26,610 shares during the period. Geode Capital Management LLC boosted its stake in Pliant Therapeutics by 2.4% during the third quarter. Geode Capital Management LLC now owns 1,318,308 shares of the company's stock worth $14,781,000 after acquiring an additional 31,221 shares in the last quarter. Franklin Resources Inc. grew its holdings in Pliant Therapeutics by 1.5% in the third quarter. Franklin Resources Inc. now owns 1,039,904 shares of the company's stock worth $11,657,000 after purchasing an additional 14,913 shares during the period. Finally, Fernwood Investment Management LLC increased its stake in shares of Pliant Therapeutics by 3.4% during the third quarter. Fernwood Investment Management LLC now owns 513,136 shares of the company's stock valued at $5,752,000 after purchasing an additional 16,850 shares in the last quarter. 97.30% of the stock is owned by hedge funds and other institutional investors.

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.

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