Analyst Douglas Tsao of H.C. Wainwright maintained a Buy rating on Cabaletta Bio (CABA – Research Report), retaining the price target of $25.00.
Douglas Tsao has given his Buy rating due to a combination of factors surrounding Cabaletta Bio’s progress and strategic positioning. The company is advancing its rese-cel (CABA-201) therapy towards opening registrational cohorts for myositis, with a scheduled meeting with the FDA expected to be a pivotal moment for the company. This progress is seen as a significant milestone despite broader economic challenges in the biotech sector.
Additionally, Cabaletta Bio’s focus on myositis, an area with high unmet medical needs and limited treatment options, positions it favorably in the market. The company’s efforts to enroll and dose patients efficiently, along with plans to present further clinical data, reinforce its competitive edge. While there have been some safety concerns, such as ICANS events, these are being managed effectively, and the company’s proactive measures to prevent future occurrences are reassuring. Overall, Cabaletta Bio’s strategic initiatives and potential to lead in the myositis treatment space underpin Tsao’s positive outlook.
Tsao covers the Healthcare sector, focusing on stocks such as Protagonist Therapeutics, Neumora Therapeutics, Inc., and Apellis Pharmaceuticals. According to TipRanks, Tsao has an average return of 7.8% and a 36.59% success rate on recommended stocks.
In another report released today, Morgan Stanley also maintained a Buy rating on the stock with a $22.00 price target.