matdesign24/iStock via Getty Images J.P. Morgan has initiated coverage of Structure Therapeutics ( NASDAQ: GPCR ) with an overweight rating, asserting that the company's current market cap underappreciates the market opportunity for its oral GLP-1 drug candidate GSBR-1290.
The investment bank said the oral GLP-1 market could generate sales of around $30B by 2035. “GPCR’s lead asset, 1290, is a pure-play option for this opportunity, and even a small share would support substantial upside to the stock,” it added. J.
P. Morgan said it believes Structure has some advantages over other companies trying to enter the oral GLP-1 market, including a small molecule formation for its product and a “slight” time-to-market advantage. “We think that 1290/Structure could be an attractive partnership opportunity for larger biopharma companies looking to participate in the Type 2 diabetes/obesity market,” the bank added.
J.P. Morgan set its price target for the stock at $65.
More on Structure Therapeutics Cantor starts Structure at overweight, sees positive data for GLP-1 drug Seeking Alpha’s Quant Rating on Structure Therapeutics Historical earnings data for Structure Therapeutics Financial information for Structure Therapeutics.
