Oppenheimer lowered the firm’s price target on Pliant Therapeutics to $47 from $49 and keeps an Outperform rating on the shares. On Sunday afternoon, Pliant announced the results of the 320mg, 12-week study arm for bexotegrast in PSC, with greater detail provided during a call Monday morning. Bexo continues to demonstrate a clean safety profile, and benefit vs. placebo, but the high dose showed no meaningful difference across multiple endpoints vs lower doses, the firm notes. Oppenheimer views these results as modestly positive, but not supportive of any particular dose, complicating the path forward.
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