Septerna: Advancing GPCR Pipeline and De-Risked Valuation Support Upgraded Buy Rating and $35 Target

In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Septerna, Inc., with a price target of $35.00.

Ram Selvaraju has given his Buy rating due to a combination of factors tied to Septerna’s advancing clinical pipeline and updated valuation assumptions. He highlights the upcoming Phase 1 data readout for SEP-631 in chronic spontaneous urticaria and other mast cell–mediated conditions as a key near-term catalyst, noting the robust trial design assessing safety, tolerability, and pharmacodynamic effects. In addition, he underscores that initial data are expected to be showcased at a major allergy and immunology conference, which could further validate the program and draw investor attention.

Selvaraju also points to the broader pipeline as a driver of upside, particularly the progress of SEP-479, an oral PTH1R agonist for hypoparathyroidism, which has shown encouraging calcium-modulating effects and pharmacokinetics in preclinical primate studies and is slated to enter human testing in 1H26. He notes continued advancement of additional programs, including a TSHR negative allosteric modulator effort targeting Graves’ disease and thyroid eye disease, as well as discovery-stage initiatives supported by Septerna’s Native Complex Platform and a funded collaboration with Novo Nordisk. Reflecting these pipeline developments and risk adjustments, he has increased his 12‑month price target to $35 based on a refreshed discounted cash flow model with a lower discount rate and refined margin and revenue ramp expectations, reinforcing his positive stance on the shares.