Septerna initiated with a Strong Buy at Raymond James

Raymond James analyst Martin Auster initiated coverage of Septerna (SEPN) with a Strong Buy rating and $38 price target Septerna’s G protein-coupled receptor discovery platform has produced two lead programs, SEP-631 for chronic spontaneous urticaria and mast cell diseases and SEP-479 for hypoparathyroidism, with additional validation from a 2025 metabolic disease partnership with Novo Nordisk (NVO), the analyst tells investors in a research note. With cash runway into 2029 and key Phase 1 and clinic-entry milestones in 1H26, upcoming data could meaningfully de-risk the pipeline and drive valuation upside ahead of potential Phase 2 proof-of-concept readouts, the firm says.