Short Interest in Pliant Therapeutics, Inc. (NASDAQ:PLRX) Drops By 51.0%

Pliant Therapeutics, Inc. (NASDAQ:PLRX) was the target of a significant decline in short interest in February. As of February 15th, there was short interest totalling 3,540,000 shares, a decline of 51.0% from the January 31st total of 7,230,000 shares. Based on an average daily volume of 1,500,000 shares, the days-to-cover ratio is currently 2.4 days.

Insiders Place Their Bets

In other news, insider Hans Hull sold 15,936 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $11.20, for a total transaction of $178,483.20. Following the transaction, the insider now owns 211,558 shares of the company’s stock, valued at $2,369,449.60. This represents a 7.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Bernard Coulie sold 52,419 shares of the business’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $11.20, for a total value of $587,092.80. Following the completion of the sale, the chief executive officer now directly owns 430,517 shares of the company’s stock, valued at $4,821,790.40. The trade was a 10.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 91,855 shares of company stock worth $1,026,628. 6.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pliant Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. China Universal Asset Management Co. Ltd. lifted its holdings in Pliant Therapeutics by 10.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,903 shares of the company’s stock worth $170,000 after acquiring an additional 1,209 shares during the period. Swiss National Bank increased its position in shares of Pliant Therapeutics by 1.6% during the 4th quarter. Swiss National Bank now owns 95,700 shares of the company’s stock valued at $1,260,000 after purchasing an additional 1,500 shares during the last quarter. Atria Investments Inc raised its stake in shares of Pliant Therapeutics by 18.1% during the 4th quarter. Atria Investments Inc now owns 11,821 shares of the company’s stock worth $156,000 after purchasing an additional 1,812 shares during the period. R Squared Ltd purchased a new position in shares of Pliant Therapeutics in the 4th quarter worth about $33,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Pliant Therapeutics by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 459,384 shares of the company’s stock worth $6,050,000 after buying an additional 2,721 shares during the last quarter. Hedge funds and other institutional investors own 97.30% of the company’s stock.

Pliant Therapeutics Stock Up 5.5 %

Pliant Therapeutics stock traded up $0.18 during midday trading on Friday, hitting $3.44. 3,924,084 shares of the stock were exchanged, compared to its average volume of 707,814. Pliant Therapeutics has a 52-week low of $2.43 and a 52-week high of $16.81. The company has a quick ratio of 10.26, a current ratio of 10.26 and a debt-to-equity ratio of 0.09. The business’s 50-day moving average price is $9.32 and its 200-day moving average price is $11.88. The stock has a market capitalization of $209.34 million, a price-to-earnings ratio of -1.03 and a beta of 1.03.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PLRX shares. HC Wainwright downgraded Pliant Therapeutics from a “buy” rating to a “neutral” rating in a report on Monday, February 10th. Royal Bank of Canada lowered shares of Pliant Therapeutics from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $45.00 to $4.00 in a research note on Monday, February 10th. Oppenheimer restated a “market perform” rating on shares of Pliant Therapeutics in a report on Monday, February 10th. Needham & Company LLC reduced their price objective on shares of Pliant Therapeutics from $38.00 to $10.00 and set a “buy” rating for the company in a report on Monday, February 10th. Finally, JPMorgan Chase & Co. downgraded shares of Pliant Therapeutics from an “overweight” rating to a “neutral” rating in a research report on Monday, February 10th. Seven investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $17.75.

About Pliant Therapeutics

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.