Cabaletta Bio: Advancing Rese-cel Across Autoimmune Indications with Streamlined Registrational Strategies and 2026 Value Catalysts Supporting Buy Rating

William Blair analyst Sami Corwin has maintained their bullish stance on CABA stock, giving a Buy rating on January 8.

Sami Corwin has given his Buy rating due to a combination of factors that underscore Cabaletta Bio’s advancing clinical and regulatory position for rese-cel. The company is moving forward with a registrational trial in dermatomyositis and antisynthetase syndrome, modestly expanding enrollment to better reflect real-world disease prevalence while focusing on a clearly defined, 16-week functional endpoint. In parallel, Cabaletta has secured FDA agreement on a registrational path in systemic lupus erythematosus and lupus nephritis using single-arm cohorts, which can streamline development and potentially shorten timelines relative to traditional randomized designs.

Corwin also emphasizes that Cabaletta is prioritizing evaluation of rese-cel in SLE and LN without preconditioning, a strategy that, if supported by forthcoming data, could further differentiate the therapy from competitors in terms of safety and patient convenience. While this focus may delay the formal start of registrational cohorts in those indications, it creates the possibility of a more compelling and competitive product profile. Against this backdrop, the analyst sees multiple value-creation catalysts in 2026, including potential regulatory alignment in systemic sclerosis and myasthenia gravis and additional clinical readouts from the non-preconditioning studies, supporting a favorable risk-reward profile that justifies the Buy rating.

In another report released on January 8, Morgan Stanley also maintained a Buy rating on the stock with a $14.00 price target.