Cabaletta Bio Maintained at Buy as Emerging Rese-cel Data Support Preconditioning-Free Potential; $13 Price Target Reaffirmed

Michael Ulz, an analyst from Morgan Stanley, maintained the Buy rating on Cabaletta Bio. The associated price target remains the same with $13.00.

Michael Ulz has given his Buy rating due to a combination of factors tied to Cabaletta Bio’s emerging clinical profile and future catalysts. He highlights that new Phase 1/2 RESET-PV data show that rese-cel can induce meaningful biologic and clinical responses in pemphigus vulgaris patients even without preconditioning, with most patients discontinuing immunomodulators and steroids while maintaining complete B‑cell depletion in the majority and showing a clean safety profile, including no new CRS or ICANS events.

Ulz also underscores that the company is now escalating to a higher dose cohort in RESET-PV, with durability data anticipated in the second half of 2026, and is preparing to release initial results from the RESET-SLE lupus study without preconditioning in the first half of 2026. He believes these upcoming readouts could validate rese-cel’s potential to remove the need for preconditioning, materially enhance the therapy’s overall risk‑benefit profile across multiple autoimmune indications, and support upside to the current valuation, justifying a Buy rating with an unchanged $13 price target.

In another report released yesterday, Cantor Fitzgerald also maintained a Buy rating on the stock with a $30.00 price target.