Citi initiated coverage of Cabaletta Bio with a Buy rating and $22 price target. The analyst acknowledges the “increasingly crowded” competitive landscape for autologous CD19-directed CARTs, but likes 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 and a 4-1BB costimulatory domain. Citi sees CABA-201 as a potential multi-billion-dollar product across lead indications systemic lupus erythematosus and myositis.
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