UBS Starts Cabaletta Bio Inc. (CABA) at Buy

UBS analyst Trung Huynh initiates coverage on Cabaletta Bio Inc. (NASDAQ: CABA) with a Buy rating and a price target of $10.00.

The analyst comments: "CABA's lead candidate CABA-201 has demonstrated proof of concept data in SLE/ myositis with initial data in SSc and gMG anticipated in 2H24. Though there were some debates on the seemingly slower clinical improvement in myositis (IMNM specifically) when compared to CD19 data from academic setting (by Schett's team), and the report of a Gr4 ICANS event in CABA-201's early clinical experience with lupus nephritis (LN). We see the market opportunity for cell therapy in autoimmune indications as broadly underappreciated, where CABA is positioned to be an early entrant with strong clinical execution. With shares trading down only incrementally to 1-yr forward cash (stock down -73% vs +35% XBI over last 12 months), we see meaningful potential upside to CABA shares with current opportunities for CABA-201 in all pursued indications not fully reflected in the current valuation."

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 $4.14 yesterday.

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