Structure Therapeutics initiated with an Overweight at JPMorgan

JPMorgan analyst Hardik Parikh initiated coverage of Structure Therapeutics with an Overweight rating and $65 price target. The analyst thinks the company’s current market capitalization of $1.8B underappreciates its lead asset’s peak sales opportunity of $1B-plus “from even a small piece of a large” GLP-1 market. The opportunity for oral GLP-1s is underappreciated as this market could generate $30B in sales by 2035, the analyst tells investors in a research note. The firm says Structure’s lead asset, 1290, is a pure-play option for this opportunity, and even a small share would support substantial upside to the stock.