Pliant Therapeutics downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded Pliant Therapeutics (PLRX) to Underweight from Neutral without a price target The firm says the investment story “has remained in limbo” since the bexotegrast program for idiopathic pulmonary fibrosis was discontinued earlier this year. Pliant is weighing multiple strategic direction, from in-licensing new clinical-stage assets to merging with another biotech, the analyst tells investors in a research note. JPMorgan believes the company “remains in a holding pattern” pending news on next steps.