Third Rock-launched Pliant is latest biotech to climb on public debut

Pliant joins a slew of recent biotechs that have seen substantial first-day gains.

The fibrosis company closed up $5.30 (33%) to $21.30 on Wednesday after raising $144 million through the sale of 9 million shares at $16, the high end of its range. The upsized offering gives Pliant Therapeutics Inc. (NASDAQ:PLRX) a postmoney valuation of $547.9 million. ...