Driehaus Capital Management 13F: Cuts SEPN Stake by $14M

Growth-Focused Driehaus Trims Septerna Position

Driehaus Capital Management, an investment firm known for its aggressive growth strategy and active momentum-based trading, trimmed its holding in Septerna, Inc. (NASDAQ: SEPN) during the period ending May 15, 2026. According to the firm's latest Form 13F filing with the SEC, the fund disposed of 413,898 shares of the biotechnology company. Because 13F filings are backward-looking documents, they show a snapshot of a portfolio at the end of a quarter and might not represent Driehaus's actual current holdings.

Details of the Portfolio Adjustment

This transaction represents an 8.6% decrease in the fund's overall position in Septerna. Prior to the reduction, Driehaus held 4,809,470 shares. Following the sale of those 413,898 shares, the fund's remaining holding stands at 4,395,572 shares. Despite the trim, the position remains highly substantial, carrying an ending market value of $150,064,825.

Septerna Stock Performance

On Saturday, Septerna shares were priced at $33.14. The stock has been trading in a wide band over the past year, with a 52-week low of $15.86 and a 52-week high of $51.10. Its 50-day moving average is $38.14, while its longer-term 200-day moving average sits at $30.31. At current price levels, the stock trades comfortably above its 200-day average, demonstrating solid underlying support even as larger funds lock in some gains.

Recent Earnings and Financial Health

In its most recent financial reports, Septerna posted revenue of $98.88 million, driven by a notable 223.8% growth rate. The company is currently not profitable, reporting earnings per share of -$0.53 and a negative net margin of -24.5%. Its return on equity stands at -6.3%. However, its balance sheet remains highly liquid, showing a current ratio of 4.99 and a quick ratio of 4.89, alongside a debt-to-equity ratio of 5.83. Investors are looking forward to the next earnings release scheduled for November 9, 2026.

Insider Buying and Selling at Septerna, Inc.

While institutional funds have adjusted their stakes, company insiders have shown a willingness to buy. On June 26, 2026, multiple insiders stepped in to purchase shares. Board member Shalini Sharp, director Alan Ezekowitz, director Bernard Coulie, and major shareholder L.P. Ra Capital Management each acquired 15,000 shares of Septerna stock. These open-market purchases suggest internal confidence in the company's long-term clinical trajectory.

Analysts Set New Price Targets

Wall Street analysts have maintained an exceptionally optimistic outlook on Septerna. On August 19, 2026, JP Morgan maintained an Overweight rating on the stock, lifting its price target to $48.00 from $38.00. Jones Trading kept its Buy rating on August 13, 2026, pushing its target to $62.00 from $43.00. On August 12, 2026, Wells Fargo maintained an Overweight rating with a new target of $50.00, up from $48.00, while HC Wainwright & Co. kept its Buy rating and raised its target to $60.00 from $40.00. Guggenheim also raised its target to $51.00 on August 11, 2026. Across nine analyst opinions, the consensus recommendation is a strong buy, with an average target price of $54.22.

About Septerna, Inc.

Septerna is a clinical-stage biotechnology company that focuses on discovering and developing oral small-molecule therapies targeting G protein-coupled receptors. These programs target diseases in endocrinology, metabolic disorders, and severe inflammation. The company has a valuable global collaboration with pharmaceutical giant Novo Nordisk to commercialize treatments for metabolic diseases, which provides both non-dilutive funding and validation for its proprietary discovery platform.

Outlook to Watch

Investors tracking Septerna should keep a close eye on upcoming clinical data readouts and the progress of its partnership with Novo Nordisk. With the next earnings report scheduled for November 9, 2026, the company's cash burn and revenue growth will be key metrics. While Driehaus's recent trim shows some profit-taking, the heavy insider buying and upward-trending analyst price targets indicate that Wall Street remains highly focused on the biotech firm's pipeline potential.