The bank predicts Cabaletta's autoimmune disease treatment could help shares soar more than 65% from Friday's close.
Autoimmune disease drugmaker Cabaletta Bio could soon have a multi-billion-dollar product on its hands, according to Citi. Analyst Samantha Semenkow initiated research coverage with a buy rating on Cabaletta shares. Her price target of $22 implies shares could rally more than 65% compared to Friday's close. Last October, the biotech firm obtained an exclusive, worldwide license for its autoimmune disease therapy CABA-201.
"If successful in the clinic, we see CABA-201 as a potential multi-billion-dollar product across lead indications [systemic lupus erythematosus] and myositis, with the opportunity to expand to other B-cell driven autoimmune indications," Semenkov said in a Tuesday note. "In our view, the risk/reward is favorable into initial CABA-201 clinical data in 1H24.
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