Prosight Management Cuts Stake in Pliant Therapeutics

Hedge fund reduces position in biotech company by 97.6% in Q3

Mar. 14, 2026 at 11:09am

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Prosight Management LP, a hedge fund, significantly reduced its stake in Pliant Therapeutics, Inc. (NASDAQ:PLRX) during the third quarter of 2026. According to a recent SEC filing, the fund cut its position in the biotech company by 97.6%, now owning just 20,487 shares worth $30,000.

Why it matters

This filing provides insight into the investment strategy and portfolio changes of Prosight Management, a notable hedge fund. The substantial reduction in the Pliant Therapeutics position suggests the fund may have concerns about the company's prospects or is reallocating capital to other opportunities.

The details

In its 13F filing, Prosight Management reported owning 20,487 shares of Pliant Therapeutics as of the end of the third quarter, down from 816,913 shares held previously. This represents a 97.6% decrease in the fund's position in the biotech firm.

  • Prosight Management filed its 13F report for the third quarter of 2026 on March 14, 2026.

The players

Prosight Management LP

A hedge fund that previously held a significant stake in Pliant Therapeutics.

Pliant Therapeutics, Inc.

A clinical-stage biopharmaceutical company focused on developing therapies for fibrotic diseases.

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The takeaway

The substantial reduction in Prosight Management's position in Pliant Therapeutics suggests the hedge fund may have concerns about the biotech company's outlook or is reallocating capital to other investment opportunities. This filing provides insight into the fund's portfolio management decisions.