Cabaletta Bio downgraded at Evercore ISI on lack of financing clarity

As previously reported, Evercore ISI downgraded Cabaletta Bio (CABA) to In Line from Outperform with a price target of $6, down from $15. Following “a tough year for autoimmune auto CAR-T,” the whole field has traded off, the analyst tells investors. While Cabaletta is positioned well from a site recruitment perspective with enrollment accelerating, it’s unclear if clinical data will meaningfully move the stock given that investors focus is on the path to market, plus the competitive landscape, the analyst argues. The firm is downgrading shares until there is more clarity on financing to meet the need to ramp R&D spend, the analyst added.