Structure Therapeutics price target raised to $93 from $58 at Piper Sandler

Piper Sandler analyst Yasmeen Rahimi raised the firm’s price target on Structure Therapeutics to $93 from $58 and keeps an Overweight rating on the shares. With this name gaining investor interest following the strong Phase 1 MAD data, Piper feels the data is even more de-risked heading into topline Phase 2a cohort 5 diabetic/obese results expected potentially in the second half of November. That said, investors have questions remaining in regard to expectations for data, bar for success, safety monitoring implemented in the study, and upcoming indirect catalysts in the space which will drive shares.