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    Structure Therapeutics (GPCR): Valuation Check as ACCESS Obesity Trial Data Nears and Stock Rebounds Sharply

    Simply Wall St·12/08/2025 08:09:16
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    Structure Therapeutics (GPCR) is back in focus as investors gear up for topline data from its ACCESS trial of oral GLP 1 candidate aleniglipron, with a dedicated webcast scheduled for December 8.

    See our latest analysis for Structure Therapeutics.

    The setup around the ACCESS readout has clearly caught the market’s attention, with a roughly 63% 3 month share price return signaling building momentum, even as the 1 year total shareholder return remains slightly negative. This reflects how fast sentiment has flipped ahead of this obesity data.

    Given how crowded the obesity and metabolic space is becoming, it is also worth seeing what else is out there and exploring healthcare stocks for other healthcare names with interesting clinical or commercial catalysts.

    With shares doubling over three months yet still trading at barely half of consensus target, investors are left with a familiar dilemma: is this a genuine early stage mispricing, or is the market already discounting years of growth?

    Price-to-Book of 2.7x: Is it justified?

    On a price-to-book basis, Structure Therapeutics screens slightly expensive at the last close of $34.56, particularly when lined up against the broader US pharmaceuticals peer group.

    The price-to-book ratio compares the company’s market value to its net assets on the balance sheet, a common yardstick for early stage, loss making biotech names that lack meaningful revenue or earnings. For a business like GPCR, where the investment case rests on pipeline potential rather than current profits, this multiple effectively captures what investors are willing to pay today for future optionality embedded in its R&D portfolio.

    GPCR currently trades on a price-to-book ratio of 2.7x, only marginally higher than the US pharmaceuticals industry average of 2.6x. This suggests the market is not paying a large premium relative to the sector as a whole. However, that same 2.7x looks far cheaper when set against the much richer 9.1x average of its closer peers, underscoring how cautiously the stock is being valued compared with companies operating in similar niches.

    See what the numbers say about this price — find out in our valuation breakdown.

    Result: Price-to-book of 2.7x (ABOUT RIGHT)

    However, clinical setbacks or a tepid market response to early aleniglipron data could quickly puncture sentiment and challenge the current valuation reset.

    Find out about the key risks to this Structure Therapeutics narrative.

    Build Your Own Structure Therapeutics Narrative

    If our perspective does not quite line up with yours, or you would rather dig into the numbers independently, you can quickly craft a personalized view in just a few minutes: Do it your way.

    A great starting point for your Structure Therapeutics research is our analysis highlighting 1 key reward and 2 important warning signs that could impact your investment decision.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.