Alexey Krukovsky
Leerink said Friday that it believes Structure Therapeutics (NASDAQ:GPCR) shares are “significantly undervalued” given the “extraordinary” total addressable market for oral GLP-1 diabetes drugs.
The investment bank said the company’s recently released Phase 1 data for its GLP-1 drug candidate GSBR-1290 suggests that the drug could be competitive with Eli Lilly’s (LLY) GLP-1 oral drug candidate orforglipron. It added that it sees global peak potential sales for orally administered incretin drugs at $50B to $75B.
Leerink raised its price target for the stock to $97 from $46.
Shares of Structure Therapeutics soared Friday after the company released positive data for its GLP-1 drug. The company held its IPO in February.