• J.P. Morgan has initiated coverage of Septerna (NASDAQ:SEPN) with an overweight rating, citing the company’s platform for GPCR drug design.
• “Notwithstanding manifold newly actionable GPCR targets, we see Septerna (SEPN) executing a highly attractive pipeline strategy, focused on validated targets in large established indications where an oral option offers a clear benefit to patients,” the bank said in a note.
• The bank said it expects Septerna (SEPN) shares to outperform its broader coverage midterm in view of a potential de-risking catalyst for its lead drug candidate in 2025, its cash runway to the second half of 2027, and business development prospects for non-core opportunities.
• J.P. Morgan set its price target for the stock at $38.
• Septerna (SEPN) held its initial public offering in late October.

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