Cabaletta Bio price target lowered to $15 from $25 at Evercore ISI

Evercore ISI lowered the firm’s price target on Cabaletta Bio to $15 from $25 and keeps an Outperform rating on the shares. Shares of Cabaletta are down 80% year-to-date and is at a pivotal point, the analyst tells investors in a research note. While lupus is obviously crowded, Cabaletta could be better positioned in other indications like SSc or myositis, the firm says.