Pliant Therapeutics (NASDAQ:PLRX) Sees Strong Trading Volume – Here’s What Happened

Pliant Therapeutics, Inc. (NASDAQ:PLRX) saw unusually-high trading volume on Monday . Approximately 1,094,048 shares traded hands during trading, an increase of 140% from the previous session’s volume of 455,652 shares.The stock last traded at $12.54 and had previously closed at $12.43.

Wall Street Analyst Weigh In

PLRX has been the topic of several recent research reports. HC Wainwright restated a “buy” rating and issued a $38.00 price objective on shares of Pliant Therapeutics in a research report on Friday, November 8th. Leerink Partnrs upgraded shares of Pliant Therapeutics to a “strong-buy” rating in a research report on Monday, September 9th. Leerink Partners began coverage on shares of Pliant Therapeutics in a report on Monday, September 9th. They issued an “outperform” rating and a $33.00 price objective for the company. Needham & Company LLC restated a “buy” rating and set a $38.00 target price on shares of Pliant Therapeutics in a research report on Thursday, August 8th. Finally, Oppenheimer reduced their price target on Pliant Therapeutics from $48.00 to $45.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $40.57.

Pliant Therapeutics Trading Down 0.9 %

The company has a 50 day moving average of $13.08 and a 200 day moving average of $12.79. The company has a debt-to-equity ratio of 0.09, a quick ratio of 10.26 and a current ratio of 10.26. The stock has a market capitalization of $749.67 million, a price-to-earnings ratio of -3.72 and a beta of 1.08.

Hedge Funds Weigh In On Pliant Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of PLRX. Summit Securities Group LLC acquired a new stake in Pliant Therapeutics in the 2nd quarter valued at about $59,000. SG Americas Securities LLC purchased a new stake in shares of Pliant Therapeutics in the first quarter valued at approximately $107,000. Atria Investments Inc acquired a new stake in shares of Pliant Therapeutics in the third quarter valued at approximately $112,000. Deerfield Management Company L.P. Series C purchased a new position in Pliant Therapeutics during the second quarter worth approximately $126,000. Finally, China Universal Asset Management Co. Ltd. boosted its stake in Pliant Therapeutics by 65.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 11,694 shares of the company’s stock worth $131,000 after buying an additional 4,607 shares during 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.