Cabaletta Bio (NASDAQ:CABA) Posts Quarterly Earnings Results

Cabaletta Bio (NASDAQ:CABA) issued its quarterly earnings results on Thursday. The company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.02, FiscalAI reports.

Cabaletta Bio Stock Up 0.6%

Shares of CABA stock traded up $0.02 on Thursday, reaching $3.61. The company’s stock had a trading volume of 3,273,166 shares, compared to its average volume of 4,766,477. The company has a market capitalization of $401.87 million, a P/E ratio of -1.58 and a beta of 3.18. Cabaletta Bio has a 12-month low of $1.26 and a 12-month high of $4.23. The stock’s 50 day simple moving average is $3.16 and its 200-day simple moving average is $2.75.

Hedge Funds Weigh In On Cabaletta Bio

A number of institutional investors have recently added to or reduced their stakes in the business. Comerica Bank raised its holdings in shares of Cabaletta Bio by 2,292.1% in the 1st quarter. Comerica Bank now owns 41,599 shares of the company’s stock valued at $58,000 after acquiring an additional 39,860 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of Cabaletta Bio in the fourth quarter worth approximately $58,000. Tower Research Capital LLC TRC increased its position in shares of Cabaletta Bio by 695.6% in the second quarter. Tower Research Capital LLC TRC now owns 51,036 shares of the company’s stock worth $78,000 after purchasing an additional 44,621 shares during the last quarter. Invesco Ltd. raised its stake in Cabaletta Bio by 357.1% in the first quarter. Invesco Ltd. now owns 61,675 shares of the company’s stock valued at $85,000 after purchasing an additional 48,181 shares in the last quarter. Finally, LPL Financial LLC purchased a new stake in Cabaletta Bio in the fourth quarter valued at approximately $93,000.

Analyst Upgrades and Downgrades

CABA has been the topic of a number of research reports. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of Cabaletta Bio in a research note on Monday, May 4th. Wall Street Zen downgraded shares of Cabaletta Bio from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cabaletta Bio in a research report on Monday, April 20th. Morgan Stanley dropped their price target on shares of Cabaletta Bio from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 24th. Finally, Guggenheim boosted their target price on shares of Cabaletta Bio from $15.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, March 24th. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cabaletta Bio presently has a consensus rating of “Moderate Buy” and an average price target of $17.00.

About Cabaletta Bio

Cabaletta Bio is a clinical-stage biotechnology company pioneering chimeric autoantibody receptor T cell (CAAR-T) therapies for B cell–mediated autoimmune diseases. Its proprietary platform engineers patient-derived T cells to selectively target and eliminate pathogenic B cells that produce disease-driving autoantibodies, with the aim of preserving overall immune function and reducing off-target toxicity.

The company’s lead candidate, DSG3-CAART, is being evaluated in pemphigus vulgaris, a rare blistering disorder caused by autoantibodies against desmoglein 3.