2023-07-19 18:15:34 ET
Guggenheim has initiated coverage of Cabaletta Bio ( NASDAQ: CABA ) with a buy rating, citing the potential of its CD19 CAR-T cell therapy CABA-201.
The investment bank said in a note that it sees global peak sales of around $1.9B for the product if it's approved to treat lupus and approximately $1.4B if it's cleared for myositis, with additional potential upside for indications where CD19 CAR-T cells could be used, such as systemic sclerosis.
It noted that proof-of-concept data for the drug was expected during the first half of 2024 and was a "key value-driving potential catalyst for the stock and major investor focus."
Guggenheim set its price target for the stock at $34.
More on Cabaletta:
Cabaletta Bio: Pioneering New Therapies In Autoimmune Disease
These stocks are seeing some short squeeze action - watch out above
Cabaletta Bio up 1%, prices $87M offering
Cabaletta Bio commences underwritten public offering of shares
For further details see:
Guggenheim starts Cabaletta at buy, citing CAR-T therapy CABA-201