Citi Starts Cabaletta Bio Inc. (CABA) at Buy

Citi analyst Samantha Semenkow initiates coverage on Cabaletta Bio Inc. (NASDAQ: CABA) with a Buy rating and a price target of $22.00.

The analyst comments "In the wake of very compelling academic clinical proof-of-concept data demonstrating that autologous CD19-directed CARTs can induce durable remissions in autoimmune diseases, corporate interest in autoimmune CART development has intensified. While we acknowledge the increasingly crowded competitive landscape, we like Cabaletta’s de-risked development strategy for lead asset CABA-201, which was designed specifically for the treatment of autoimmune disorders with a fully human CD19 binder (designed to have similar potency and biologic activity as the murine CD19 binder used in academic studies) and a 4-1BB costimulatory domain (better potential safety profile). If successful in the clinic, we see CABA-201 as a potential multi-billion-dollar product across lead indications SLE and myositis, with the opportunity to expand to other B-cell driven autoimmune indications. In our view, the risk/reward is favorable into initial CABA-201 clinical data in 1H24. Initiate Buy/High Risk, TP $22."

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 $13.32 yesterday.

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