Wells Fargo lowered the firm’s price target on Septerna (SEPN) to $11 from $14 and keeps an Equal Weight rating on the shares. Following the discontinuation of their former oral PTH1R agonist, SEP-786, management aims to identify a new oral PTH1R agent by year-end 2025. With that lack of clinical catalysts in the next 12-18 months, the firm remains on the sidelines. That said, Wells believes progress and candidate selection for Septerna’s next-gen PTH program is an important near-term milestone.
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