Pliant (PLRX) unusual 575 July $30 calls bought $3.20 offer, big move last week and near multi-week highs. PLRX a $1.1B Biotech for novel therapies for the treatment of fibrosis and related diseases and trades 3.2X cash, short float is 9%. Stifel started at Buy a month ago and a $33 target saying Bexotegrast has the potential to achieve a differentiated profile within the large and competitive Idiopathic Pulmonary Fibrosis, or IPF, market. If data due in early Q1 from a higher 320mg dose are consistent with the efficacy/tolerability trends observed in the initial cohorts, the data should offer incremental de-risking ahead of pivotal clinical development. JPM with a $43 target sees data readouts in the first half of 2023 incrementally de-risking bextograst in the multibillion IPF market