Morning Summary - Jul 1 2026

研报英文原文证据摘录

Morning Summary - Jul 1 2026

ublished on July 1, 2026 Market Cap (M) Metric Mult Curr Yr. Mult Next Yr.

$1,510 Adj. EPS ($) NM NM

Key Message: This past Monday, EVMN announced top-line results for their Ph2b CSU study of MRGPRX2 inhibitor, EVO756. The study did not meet

the primary endpoint of change in UAS7 at 12 weeks and EVMN has DC'd efforts in CSU. We caught up with SEPN mgmt whose confidence in SEP-631's

potential superiority as a molecule matches our own, the team agreed there is substantially increased risk in running a CSU study without further clarity.

We believe SEPN's decision to wait on the Ph2b initiation can enable capital-efficient exploration of SEP-631 in a smaller, signal-finding batch study, as one

potential path forward. Partially offsetting this, our enthusiasm for SEPN's oral PTH asset and the company's Native GPCR platform is increased in the wake

of physician enthusiasm for novel PTH treatments, including oral PTH therapies. We still believe X2, with sufficient target coverage, has potential to benefit

some mast cell-driven diseases, but we have decreased our PoS to 25% (from 50% prior). By contrast, we have increased SEP-479's hypoPTH market

share estimate to 40% (from 35%) following positive physician and patient feedback at the ENDO conference while maintaining our 30% PoS due to the

stage of development. Net-net, our price target is now $45/shr (from $52 prior), driven by reduced X2 estimates partially offset by increased PTH estimates.

We believe SEPN could trade up towards our bull case of $70, driven by 50% risk-adjusted SEP-479 sales, should 479 show positive Phase 1 biomarker

data with a clean safety/tolerability profile in 2H26/1H27 and a robust 24H+ half-life. Reiterate BUY.

NIKE, INC. Buy