Why Pliant Therapeutics Stock Is Crushing It Today

While most small- to mid-cap biotech stocks are getting hammered today over inflationary concerns, the clinical-stage drugmaker Pliant Therapeutics (NASDAQ: PLRX) is moving in the opposite direction. Specifically, shares of Pliant were up by a whopping 119% as of 12:07 p.m. ET Monday. This explosive move is higher is also being accompanied by a massive surge in volume. 

Why are investors piling into this tiny biotech stock today? Ahead of the opening bell, Pliant announced that its experimental drug candidate, PLN-74809, for idiopathic pulmonary fibrosis met both its primary and secondary endpoints in a phase 2a trial. The company said that the drug also exhibited a favorable pharmacokinetic profile.

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Source Fool.com