Structure Thera's shares surge after phase I results; Ocuphire drug gains FDA approval & Syndax to report data on October 2 | $GPCR, $OCUP, $SNDX

Structure Therapeutics, Inc.’s (NASDAQ:GPCR) stock climbed approximately 35% on September 29, 2023, after the company announced phase Ib data for its obesity and diabetes drug, GSBR-1290. Structure reported GSBR-1290 helped participants reduce up to 4.5 kgs of body weight on average after four weeks of treatment. The phase Ib study evaluated 24 healthy overweight or obese subjects. Structure also disclosed a $300 million private placement on Friday.

SanaCurrents issued a report forecasting a positive outcome for the phase Ib and the phase IIa trials of GSBR-1290 in May 2023 when the stock traded at $22.50 per share. Structure’s stock traded between $50.42 per share and $65.09 per share on September 29, reflecting at least a 124% return in four months. SanaCurrents is continuing coverage of GPCR for the phase IIa trial, but realizes that taking some gains of the table is a prudent strategy which it intends to employ.

Earlier in the week, the FDA on September 27 approved Ocuphire Inc.’s (NASDAQ:OCUP) Nyxol to treat mydriasis (RM), or dilation of the eyes.

Dilated pupils occur when the black center of the eye becomes larger than normal. Dilation in the eyes generally manifests when a medication is applied to enable a physician to examine the back of the eye. There is no approved treatment for the condition, even though it can take 6 to 24 hours for the eye to return to normal.

Before the positive FDA decision, Ocuphire’s stock started to decline starting in April 2023 after the company announced CEO Mina Sooch would be replaced immediately. Sooch’s successor was Ocuphire board member Rick Rodgers, who remains interim CEO. Ocuphire’s board and Rodgers subsequently made few compelling adjustments to the company’s pipeline development. As a result, Ocuphire’s stock opened September 27 at $4.14 per share compared to a price of $6.03 at the time of SanaCurrents’ May 2023 report forecasting a positive FDA decision for Nyxol. SanaCurrents is discontinuing coverage in OCUP and exiting its position in OCUP. 

Separately, Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) said on September 29 it would release data for its pivotal phase II AUGMENT-101 trial of revumenib in KMT2Ar acute leukemia before the market opens on Monday, October 2, 2023. SanaCurrents forecast a 63.4% overall probability for a positive result in the AUGMENT-101 trial in a January 2023 report.