Cabaletta Bio price target raised to $32 from $31 at Stifel

Stifel raised the firm’s price target on Cabaletta Bio to $32 from $31 and keeps a Buy rating on the shares. The firm notes Cabaletta announced dosing its first Myositis patient in conjunction with Q4 2023 earnings and, encouragingly, no CRS of any grade has been observed. While just two patients, Stifel believes that if CABA-201 looks in line with other CAR T datasets, investors will gain more comfort around the IASO-procured CAR T and on Cabaletta’s ability to generate high efficacy data in U.S. patients. Further, the firm thinks the stock is weak because the company hasn’t yet treated an SLE patient. However, Cabaletta is clearly making progress in Myositis, and per Stifel’s conversation with management, they are confident that they will have SLE data by the first half of 2024.