Cabaletta Bio price target lowered to $22 from $30 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Cabaletta Bio (CABA) to $22 from $30 and keeps an Overweight rating on the shares. The RESET clinical program for rese-cel continues and while a safety update was provided that could raise concerns, the firm notes that the update was related to a protocol deviation and no changes were recommend by the IDMC. Still, the firm lowered its price target on the safety update, which it calls “important to monitor going forward.”