- The shares of T-cell therapy company Cabaletta Bio ( NASDAQ: CABA ) gained Friday after Morgan Stanley upgraded it to Overweight from Equal Weight, citing the biotech’s newly designed CD19-targeting CAR T cell therapy CABA-201.
- The analyst Michael Ulz points out that the company intends to file a clinical trial application for CABA-201 in H1 2023 paving the way for an early Phase 1 readout in H1 2023, which could drive upside. Ulz also raises the price target on the stock to $16 from $3 per share.
- As reasons for the decision, the analyst cites Cabaletta’s ( CABA ) management expertise in developing CAR-T drugs for autoimmune diseases and the “groundbreaking results” from an academic trial for a CD19 CAR-T drug similar in design to CABA-201.
- The upgrade follows a recent bullish thesis on Cabaletta ( CABA ) on Seeking Alpha, in which the author Zach Bristow pointed to the company’s recent advancements in CABA-201.
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Cabaletta rises as Morgan Stanley upgrades citing new CAR-T asset