Structure Therapeutics (GPCR) PT Lowered to $87 at Citizens JMP

Citizens JMP analyst Jonathan Wolleben lowered the price target on Structure Therapeutics (NASDAQ: GPCR) to $87.00 (from $89.00) while maintaining a Market Outperform rating.

The analyst commented, "GPCR shares were approaching $30 on the heels of LLY’s Phase 3 diabetic data for orforglipron back in May, and we think the stock will move higher from current levels when the pharma unveils its Phase 3 non-diabetic data at EASD on September 17. The data could set a new benchmark for aleniglipron though ahead of its key Phase 2b data by YE25. The early data for aleniglipron looks comparable to orforglipron and GPCR has moved to higher doses, which could push toward a best-in-class profile. We also had a chance to catch up with management which unveiled three new clinical trials designed to differentiate aleniglipron from the field and derisk Phase 3 testing. Management told us those studies are planned to dose up to 240 mg, which makes us optimistic for substantial weight loss from the ACCESS II trial later this year. GPCR is one of our favorite names moving into the back-half of the year as the best derivative trade on orforglipron's success, and the potential for a superior profile from aleniglipron shortly thereafter. We remind investors that GPCR shares traded in the mid-$40 range within the past year, and we believe a compelling Phase 2b profile for aleniglipron by YE25 should warrant at least those levels, with potentially best-in-class data likely to send shares to all-time highs ($70+)."

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