On Thursday, Stifel, a financial services firm, raised its price target on shares of Cabaletta Bio Inc . (NASDAQ:CABA) to $32 from $31 while maintaining a Buy rating. The adjustment comes as the analyst at Stifel expressed a positive view on the company's leading role in the myositis market, a medical condition with limited competition from other CAR T therapy developers.
The analyst noted the potential for a quicker regulatory path for Cabaletta Bio in myositis compared to systemic lupus erythematosus (SLE), where the competitive landscape is more contentious. Despite the competition in SLE, the analyst remarked on Cabaletta Bio's strategic focus on generating data from U.S. patients and the company’s position as a frontrunner in the field.
Cabaletta Bio has been actively expanding its clinical trial presence. Currently, the company has five actively enrolling sites for its RESET-SLE study and plans to add four more soon. Additionally, the company is broadening its reach by moving into Canada.
The analyst also provided a comparison with other companies in the CAR T space, mentioning that Bristol Myers (NYSE:BMY) Squibb has approximately ten sites, while Karyopharm Therapeutics (NASDAQ:KPTI) has two. Novartis (SIX:NOVN), another player in the field, does not have active sites in the U.S. for its YTB323 therapy; its recruitment efforts are focused in Europe and Australia.
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