Mike Ouimette, General Counsel and Corporate Secretary of Pliant Therapeutics, Inc. (NASDAQ:PLRX), recently sold a significant portion of company stock. The transactions come as the $664 million market cap company trades near its 52-week low, with shares down about 14% in the past week. According to a filing with the Securities and Exchange Commission, Ouimette sold a total of 23,500 shares over two transactions, totaling approximately $261,100.
The first sale, recorded on January 17, involved 13,270 shares at an average price of $11.2011, amounting to $148,638. The second transaction, dated January 22, saw the sale of 10,230 shares at an average price of $10.9934, totaling $112,462. These sales were conducted under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined schedule for selling company stock.
Following these transactions, Ouimette retains direct ownership of 70,544 shares in Pliant Therapeutics. The company maintains strong liquidity with a current ratio of 10.26, and according to InvestingPro analysis, analysts have set price targets ranging from $32 to $47, suggesting significant upside potential. Discover more insights and 11 additional ProTips for PLRX on InvestingPro.
In other recent news, Pliant Therapeutics has made key changes to its leadership team and continues to advance in its clinical trials. Delphine Imbert, Ph.D., has been appointed the new Chief Technical Officer, bringing a wealth of experience in drug development and manufacturing. This appointment comes at a crucial time as the company prepares for commercialization and analysts have recently revised their earnings expectations upward.
In addition, Gary Palmer, M.D., MBA, has joined the company as the new Senior Vice President of Medical (TASE:PMCN) Affairs, bringing over 25 years of experience to the role. The company has also updated its corporate bylaws to align with recent changes in Delaware law, enhancing its corporate governance practices.
Pliant Therapeutics is progressing with its Phase 2/3 BEACON-IPF trial for Bexotegrast, a treatment for idiopathic pulmonary fibrosis (IPF). The trial is advancing positively, with patient enrollment expected to conclude in the first quarter of 2025. H.C. Wainwright, Stifel, Piper Sandler, and Leerink Partners have all maintained positive ratings for Pliant Therapeutics, reflecting confidence in the ongoing trials and the company's future prospects.
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