Wells Fargo raised the firm’s price target on Cabaletta Bio to $39 from $14 and keeps an Overweight rating on the shares. The firm likes the setup for Cabaletta Bio’s shares over the next 6-12 months as it thinks potential competitor datasets could further validate CABA-201 ahead of its Phase 1/2 data in the first half of 2024. At a $585M market cap, Wells believes there remains significant upside from current levels.
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