Wells Fargo downgrades Septerna after lead program SEP-786 discontinued

As previously reported, Wells Fargo analyst Derek Archila downgraded Septerna (SEPN) to Equal Weight from Overweight with a price target of $14, down from $43. The firm expects shares to trade down on SEP-786 — oral PTH1R — being discontinued. While Septerna will shift to a backup molecule, it hasn’t been selected. Wells estimates if a new PTH candidate enters the clinic in late 2025, the earliest one could see data is the second half of 2026.