Cabaletta Bio price target lowered to $2 from $3 at Wells Fargo

Wells Fargo analyst Derek Archila lowered the firm’s price target on Cabaletta Bio (CABA) to $2 from $3 and keeps an Equal Weight rating on the shares. The firm thinks the company’s recent financing gives it time to gain more regulatory clarity for rese-cel in MG, SSc and SLE, but still falls short of its first BLA submission expected in 2027. Sentiment remains challenging and Wells expects shares to be range bound.