Canaccord initiated coverage of Structure Therapeutics with a Buy rating and $101 price target. The stock in premarket trading is up 3% to $46.90. The firm says Structure is the only company in the obesity drug development space that has a pipeline of all orally administered drugs. Structure's lead, aleniglipron, has demonstrated a "robust effect" on weight loss coupled with a more benign side effect profile than approved GLP-1 therapies, the analyst tells investors in a research note. Canaccord adds that aleniglipron is one of two "backbone strategies" Structure is pursuing to address both monotherapy and combination approaches to weight loss. It believes the company offers "optionality along with potential best-in-class efficacy."
