Cabaletta Bio price target lowered to $12 from $20 at Wells Fargo

Wells Fargo lowered the firm’s price target on Cabaletta Bio (CABA) to $12 from $20 and keeps an Overweight rating on the shares. Management continues to make progress with trials of CABA-2301, and early data at ACR should offer modest upside, the analyst tells investors in a research note. The company’s cash position and need for more safety data to allay fears post the Grade 4 ICANS case remain overhangs, Wells says.