Cabaletta Bio initiated with a Buy at Stifel

Stifel initiated coverage of Cabaletta Bio with a Buy rating and $31 price target. The firm believes CABA-201 will be “a high efficacy option” in Systemic Lupus Erythematosus, or SLE, and Myositis, adding that associated toxicity is likely to be appropriately tolerated in severe patients. The firm likes that management has adopted a broad development scope by advancing CABA-201 into the clinic for all three proof of concept indications and thinks initial CABA-201 data due in the first half of 2024 will “increase investor excitement for the class,” the analyst added.