Citi downgraded Pliant Therapeutics (PLRX) to Neutral from Buy with a price target of $4, down from $40, after the company announced it has voluntarily paused enrollment and dosing for the BEACON-IPF Phase 2b/3 study which examines bexotegrast for idiopathic pulmonary fibrosis. The firm says that while it lacks visibility into what challenges the BEACON trial pause presents, given that bexotegrast is key to Pliant’s valuation, the situation “will remain a substantial overhang until fully resolved.” The shares could trade off sharply on the open on Monday, contends Citi.
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