Structure Therapeutics reported strong Phase 2 data for its oral GLP-1 drug aleniglipron on Monday, sending GPCR up around 10% in morning trading.
Structure Therapeutics Inc., GPCR
The ACCESS II trial showed 16.3% placebo-adjusted weight loss at the 180 mg dose and 16.0% at the 240 mg dose after 44 weeks. Neither dose showed any sign of plateauing.
That compares well to rivals. Novo Nordisk’s oral Wegovy pill showed 13.6% weight loss in Phase 3. Eli Lilly’s orforglipron showed roughly 12.4% in Phase 2, and 11.2% in Phase 3.
Additional Phase 2 data is out for Structure Therapeutics $GPCR ACCESS II and ACCESS OLE aleniglipron studies. Efficacy estimands ranged from 13.6-15.3% WL for the high dose ACCESS II study at 44 weeks – with the placebo gaining 1.1%.
The OLE body composition reached 15.3% WL… pic.twitter.com/zDFPUP1H5W
— Jen Can NuSH (@JCanNuSH) March 16, 2026
Earlier data from December had shown 14.2% weight loss at a lower dose. Patients who stayed on that lower dose for 53 weeks eventually reached 16% weight loss, pointing to continued benefit over time.
Tolerability data also held up. In the ACCESS Open Label Extension study, the adverse event-related discontinuation rate was just 2%. The body composition study showed a 3.4% rate. Structure uses a low 2.5 mg starting dose, which appears to be helping patients stay on the drug.
The results are now generating M&A chatter. H.C. Wainwright analyst Ananda Ghosh had already flagged aleniglipron earlier this month as “the most acquirable asset in obesity.” The firm raised its price target to $114. Citizens kept a Market Outperform rating but trimmed its target to $113.
Leerink Partners reiterated its Outperform rating and $90 price target after the data dropped. The firm highlighted the clean tolerability profile and the dose-response relationship as key positives.
RBC Capital Markets was more measured. Analyst Trung Huynh noted that orforglipron performed similarly in Phase 2, only to come in lower in Phase 3. He flagged an unusually low rate of weight gain in the placebo group as a statistical quirk worth watching. RBC kept its Outperform rating on Lilly with a $1,250 price target.
“It’s difficult to characterize these results as meaningfully differentiated from Orfo or oral Wegovy until we get a more robust data set,” Huynh wrote.
Structure plans an end-of-Phase 2 meeting with the FDA in Q2 2026. Phase 3 is expected to kick off in the second half of the year. The Phase 2 data from both high doses will inform which dose moves forward.
The stock is still down 23% year-to-date heading into Monday’s session, though it has gained 155% over the past 12 months. At $59.80, the stock trades well below analyst consensus targets, which range from $90 to $140.
Cantor Fitzgerald had previously flagged this 44-week readout as a potential catalyst for the stock. That call proved correct.
Monday’s move pushed GPCR’s market cap to approximately $3.81 billion.
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