Stifel Reiterates Buy Rating on Cabaletta Bio Inc. (CABA)

Stifel analyst Ben Burnett reiterated a Buy rating and $26.00 price target on Cabaletta Bio Inc. (NASDAQ: CABA).

The analyst comments "At our Biotech Summit, we hosted President, CEO and Co-Founder Dr. Steven Nichtberger, MD, to discuss CABA-201 in autoimmune disease. CABA shares are off significantly YTD, we think because of efficacy concerns sparked by competitor KYTX’s KYV-101 (autologous CD19 CAR T), competition (academic data featuring bispecifics and allogeneic CAR T), and more recently a G4 ICANS event in CABA’s own RESET-SLE study. We think the G4 ICANS event occurred in a patient under a unique set of circumstances (high baseline cytokine levels), which should be mitigated with new protocols. Meanwhile, most of the downside volatility in the stock seems to have been driven by things other than CABA-201; therefore, we believe a wholesome 2H24 data update has the capacity to reverse much of this sentiment. We're optimistic on both SLE and Myositis, and believe the latter is under-followed and could benefit from less competition and a faster regulatory path."

For an analyst ratings summary and ratings history on Cabaletta Bio Inc. click here. For more ratings news on Cabaletta Bio Inc. click here.

Shares of Cabaletta Bio Inc. closed at $4.46 yesterday.

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