American depositary receipts of Structure Therapeutics Inc. (NASDAQ: GPCR) experienced a significant drop of 40% in premarket trading on Monday following the release of new data from their study on GSBR-1290, an investigational drug for diabetes and obesity.
According to Structure, the drug showcased promising results in patients with type 2 diabetes, demonstrating a statistically significant reduction in blood sugar levels after 12 weeks of treatment. Additionally, patients with obesity achieved a placebo-adjusted weight loss of approximately 4.7% after eight weeks on the medication.
GSBR-1290 is an oral GLP-1 receptor agonist, joining the ranks of injectable drugs like Novo Nordisk's Wegovy and Ozempic. A pill version of these popular drugs is also being developed by other pharmaceutical companies, such as Eli Lilly & Co. and Pfizer Inc.
Structure anticipates releasing the full 12-week obesity data on GSBR-1290 in the second quarter of next year, further assessing the drug's efficacy. Analysts from Jefferies noted that for GSBR-1290 to be considered a "best in class" drug candidate, it would need to produce over 7% placebo-adjusted weight loss after 12 weeks.
While Structure Therapeutics shares have seen a remarkable 65% increase over the past three months, the S&P 500 has experienced a comparatively modest 6% growth.
This announcement marks an important milestone in the development of an effective treatment for diabetes and obesity. Structure Therapeutics Inc.'s commitment to advancing medical progress gives hope to those individuals affected by these conditions.
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