Cabaletta Bio downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded Cabaletta Bio (CABA) to Equal Weight from Overweight with a price target of $6, down from $12. The firm does not think the shares can work “from depressed levels” until Cabalettais able to address its capital overhang and amass enough data, including on durability, for investors to get more constructive on the story. The CABA-201 updates in 2025 are likely to be incremental, the analyst tells investors in a research note.