Wells Fargo & Company Cuts Cabaletta Bio (NASDAQ:CABA) Price Target to $12.00

Cabaletta Bio (NASDAQ:CABA) had its price target cut by Wells Fargo & Company from $20.00 to $12.00 in a research note released on Friday,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also commented on the company. Evercore ISI cut their price objective on Cabaletta Bio from $25.00 to $15.00 and set an “outperform” rating for the company in a research note on Monday, August 12th. UBS Group assumed coverage on Cabaletta Bio in a research report on Thursday, October 10th. They set a “buy” rating and a $10.00 price target for the company. Finally, HC Wainwright restated a “buy” rating and issued a $25.00 price objective on shares of Cabaletta Bio in a report on Friday. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $27.30.

Cabaletta Bio Stock Down 19.8 %

Shares of NASDAQ CABA opened at $3.03 on Friday. The firm has a market cap of $148.02 million, a price-to-earnings ratio of -1.41 and a beta of 2.42. The company’s 50-day simple moving average is $4.23 and its 200-day simple moving average is $6.86. Cabaletta Bio has a 52-week low of $2.96 and a 52-week high of $26.35.

Institutional Investors Weigh In On Cabaletta Bio

A number of hedge funds have recently modified their holdings of CABA. Fred Alger Management LLC grew its stake in shares of Cabaletta Bio by 63.3% in the 3rd quarter. Fred Alger Management LLC now owns 4,119,394 shares of the company’s stock valued at $19,444,000 after buying an additional 1,596,512 shares during the period. Sofinnova Investments Inc. lifted its holdings in Cabaletta Bio by 184.0% in the second quarter. Sofinnova Investments Inc. now owns 1,220,400 shares of the company’s stock valued at $9,129,000 after acquiring an additional 790,654 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in Cabaletta Bio in the third quarter worth approximately $3,150,000. Panagora Asset Management Inc. acquired a new stake in Cabaletta Bio during the second quarter worth $2,243,000. Finally, Squarepoint Ops LLC raised its position in Cabaletta Bio by 643.3% in the second quarter. Squarepoint Ops LLC now owns 315,379 shares of the company’s stock valued at $2,359,000 after purchasing an additional 272,948 shares during the period.

Cabaletta Bio Company Profile

Cabaletta Bio, Inc, a clinical-stage biotechnology company, focuses on the discovery and development of engineered T cell therapies for patients with B cell-mediated autoimmune diseases. The company's lead product candidate is CABA-201, a fully human anti-CD19 binder for the treatment of Phase 1/2 clinical trials in dermatomyositis, anti-synthetase syndrome, immune-mediated necrotizing myopathy, lupus nephritis, non-renal systemic lupus erythematosus, systemic sclerosis, and generalized myasthenia gravis.