Leerink analyst Faisal Khurshid downgraded Pliant Therapeutics (PLRX) to Market Perform from Outperform with a price target of $2, down from $33. The company announced the discontinuation of its Phase 2b/3 trial evaluating bexotegrast in idiopathic pulmonary fibrosis due to an imbalance in adverse events between treatment and placebo, the analyst tells investors in a research note. The firm cites the current lack of clarity on the path forward for the downgrade. The stock in midday trading is down 52%, or $1.78, to $1.67.
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