Cabaletta Bio price target raised to $33 from $31 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Cabaletta Bio to $33 from $31 and keeps an Overweight rating on the shares after the company reported Q4 earnings and highlighted pipeline progress. On CABA-201, the company reported the first patient has been dosed in the Phase 1/2 RESET-Myositis trial, with no CRS or ICANS of any grade observed in the first 21 days. The firm is encouraged by the early safety from the first dosed patient with CABA-201 and looks to initial clinical data in lupus and myositis due in the first half of this year to confirm “robust activity and a tolerable safety profile,” the analyst tells investors.