Septerna initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of Septerna (SEPN) with an Overweight rating and $50 price target Septerna’s powerful platform enables efficient discovery of differentiated G-protein-coupled receptor targeting therapeutics, and GPCRs represent a large class of proteins that account for one-third of all FDA-approved drugs with global sales over $125B, the analyst tells investors in a research note. Despite their prominence, more than 50% of non-olfactory GPCR targets have been considered “undruggable” with older technologies, and much of the GPCR opportunity is still largely untapped, the firm says. Septerna has pioneered a process of reconstituting GPCRs in lipid bilayers that overcomes this limitation, Cantor adds, adding that it assumes the company will leverage its platform to access non-dilutive capital, as it’s already done successfully.