Pliant Therapeutics initiated with an Overweight at JPMorgan

JPMorgan analyst Eric Joseph initiated coverage of Pliant Therapeutics with an Overweight rating and $42 price target. The company’s approach could add efficacy on to the standard of care in idiopathic pulmonary fibrosis without worsening the safety and tolerability profile, Joseph tells investors in a research note. The analyst believes current Pliant share levels "imply rather conservative success assumptions." He sees data readouts in the first half of 2023 incrementally de-risking bextograst in the "multibillion" IPF market."