News to Watch: Pliant Therapeutics (NASDAQ:PLRX)

Pliant Therapeutics (NASDAQ:PLRX)  spotted trading -25.76% off 52-week high price. On the other end, the stock has been noted 25.65% away from the low price over the last 52-weeks. The stock changed -0.38% to recent value of $26.45. The stock transacted 80194 shares during most recent day however it has an average volume of 241.20K shares. The company has 33.18M of outstanding shares and 30.97M shares were floated in the market.

On Aug. 11, 2020, Pliant Therapeutics (NASDAQ:PLRX) a clinical stage biotechnology company focused on discovering and developing novel therapeutics for the treatment of fibrosis, provided a corporate update and disclosed second-quarter 2020 financial results.

2020 has been a productive year as we’ve made progress on multiple fronts, including the initiation of a 12-week Phase 2a clinical trial evaluating PLN-74809 in patients with idiopathic pulmonary fibrosis, as well as dosing initial cohorts in our first-in-human trial of our Novartis partnered program, PLN-1474, for the potential treatment of liver fibrosis, said Bernard Coulie, M.D., Ph.D., chief executive officer and president of Pliant Therapeutics. Bolstered by a strong cash position from our Series C financing in February and our IPO in June, we continue to advance our robust pipeline. We’re now focused on executing our Phase 2a program for PLN-74809 and look forward to sharing further updates on all of our programs.

Recent Highlights

  • Completed an initial public offering (IPO) and concurrent private placement with Novartis. The IPO priced at $16.00 per share, generating gross proceeds of $165.6 million including shares sold to the underwriters pursuant to the full exercise of their overallotment option before deducting underwriting discounts, commissions and other offering expenses payable by Pliant. The company also received $10.0 million in additional proceeds from a concurrent private placement with Novartis Institutes for BioMedical Research at the public offering price of $16.00 per share. The Company’s common stock commenced trading on the Nasdaq Global Select Market under the ticker symbol PLRX on June 3rd, 2020.
  • Phase 2a 12-week trials of PLN-74809 in idiopathic pulmonary fibrosis (IPF) and primary sclerosing cholangitis (PSC) have resumed enrollment. Through close coordination with over 100 global trial sites, Pliant has continued to conduct site initiation activities throughout the COVID-19 pandemic. The Company is offering a hybrid approach to clinical trial participation with home-health solutions designed to minimize the requirements for visits to healthcare facilities, as well as a campaign to raise awareness of the IPF and PSC programs across patient communities and patient advocacy groups. Phase 2a clinical trial sites are currently enrolling patients in both the IPF and PSC trials.

Its earnings per share (EPS) expected to touch remained 80.50% for this year.

According to the most recent quarter its current ratio was 18.4 that represents company’s ability to meet its current financial obligations. The price moved ahead of 7.21% from the mean of 20 days, 2.46% from mean of 50 days SMA and performed 2.46% from mean of 200 days price. Company’s performance for the week was 11.09%, 16.52% for month and YTD performance remained 24.18%.

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