Keith Lamont Cummings, the Chief Financial Officer of Pliant Therapeutics, Inc. (NASDAQ:PLRX), recently sold shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The transaction, which took place on January 17, involved the sale of 20,148 shares at a weighted average price of $11.2011 per share, generating a total of $225,679. The sale comes as the stock trades near its 52-week low, having declined about 14% in the past week alone.
The sale was part of a nondiscretionary plan designed to comply with Rule 10b5-1, which allows company insiders to set up a predetermined plan to sell stock. This particular transaction was executed to satisfy the payment of withholding tax liability related to the vesting of previously granted restricted stock units. Following the sale, Cummings retains direct ownership of 262,608 shares of Pliant Therapeutics, which includes shares acquired through an Employee Stock Purchase Plan. Despite recent market pressure, InvestingPro data shows the company maintains a strong liquidity position with a current ratio of 10.26 and more cash than debt on its balance sheet. Analysts maintain a Strong Buy consensus on the stock, with additional insights available through InvestingPro's comprehensive analysis tools.
In other recent news, Pliant Therapeutics has made significant strides in its clinical trials, particularly with bexotegrast, a treatment for idiopathic pulmonary fibrosis (IPF). The company's Phase 2/3 BEACON-IPF trial is progressing positively, with patient enrollment expected to conclude in the first quarter of 2025 and top-line data projected to be reported in mid-2026. Analyst firms H.C. Wainwright and Stifel have maintained their Buy ratings on Pliant Therapeutics, reflecting confidence in the ongoing trials.
Pliant Therapeutics has also seen promising results from the Phase 2a INTEGRIS-PSC trial for primary sclerosing cholangitis (PSC), with Piper Sandler and Leerink Partners maintaining positive ratings for the company. In addition, Pliant Therapeutics recently appointed Delphine Imbert as its new Chief Technical Officer and Gary Palmer as the new Senior Vice President of Medical (TASE:PMCN) Affairs, showcasing the company's commitment to leadership and expertise in its field. These are recent developments in the company's ongoing efforts in the biopharmaceutical sector.
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