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As previously reported, Guggenheim analyst Seamus Fernandez initiated coverage of Structure Therapeutics with a Buy rating and $50 price target, citing a belief in the "multibillion-dollar potential" of oral small GLP1R agonist GSBR-1290. If Phase 2a results in late 2023 demonstrate acceptable on-mechanism tolerability and at least 5% weight loss at 12 weeks in the obesity arm of the study, the firm sees potential for about a two-times return in the next 12-18 months in its base case scenario and sees positive GSBR-1290 results "catalyzing a major partnership/collaboration with a large biopharma in what could be the largest-ever biopharmaceutical market, obesity and diabetes."

Guggenheim initiated coverage of Structure Therapeutics with a Buy rating and $50 price target.

SVB Securities analyst David Risinger initiated coverage of Structure Therapeutics with an Outperform rating and $33 price target. The firm believes the company's platform and pipeline offer significant value creation potential, including its oral GLP-1 candidate for diabetes/obesity which is in Phase 1b/2a. Structure Therapeutics is developing oral small molecules with ideal binding properties that can deliver biologic-like efficacy and specificity. The company's most advanced pipeline candidate is GSBR-1290, an oral GLP-1 for diabetes and obesity, which is expected to have exclusivity through 2041-plus. SVB estimates potential peak unadjusted end-market sales greater than $7.5B.

Jefferies analyst Chris Howerton initiated coverage of Structure Therapeutics with a Buy rating and $34 price target. GLP1 peptides are projected to sell $50B in diabetes and obesity by 2028, and the company's lead asset GSBR-1290 appears "uniquely positioned to satisfy unmet demand" because it's cheaper to supply, while current data suggests a superior chemical profile over competitor small molecules, the analyst tells investors in a research note. The firm expects key data catalysts in the next 12 months to drive shares of Structure.

BMO Capital analyst Evan Seigerman initiated coverage of Structure Therapeutics with an Outperform rating and $40 price target. The company's lead asset GSBR-1290 could be a competitive oral option in the growing obesity and type 2 diabetes market, with data coming in Q4, the analyst tells investors in a research note. The firm also sees upside potential from Structure's follow-on assets in both pulmonary and metabolic indications.