Cabaletta Bio, Inc. (NASDAQ:CABA) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Cabaletta Bio, Inc. (NASDAQ:CABA) has been assigned a consensus recommendation of “Moderate Buy” from the seven analysts that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $15.50.

CABA has been the topic of several recent analyst reports. Morgan Stanley decreased their target price on shares of Cabaletta Bio from $14.00 to $13.00 and set an “overweight” rating on the stock in a report on Tuesday, March 24th. Guggenheim upped their price target on shares of Cabaletta Bio from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Cabaletta Bio in a research report on Monday, May 4th. Wall Street Zen cut shares of Cabaletta Bio from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cabaletta Bio in a research report on Monday, April 20th.

Hedge Funds Weigh In On Cabaletta Bio

Several hedge funds and other institutional investors have recently modified their holdings of the business. Adage Capital Partners GP L.L.C. lifted its position in shares of Cabaletta Bio by 142.9% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 8,829,758 shares of the company’s stock worth $13,421,000 after buying an additional 5,195,285 shares during the last quarter. Millennium Management LLC grew its position in Cabaletta Bio by 298.5% in the fourth quarter. Millennium Management LLC now owns 2,736,912 shares of the company’s stock valued at $5,994,000 after acquiring an additional 2,050,099 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its position in Cabaletta Bio by 17.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 9,858,257 shares of the company’s stock valued at $21,590,000 after acquiring an additional 1,495,768 shares during the last quarter. Woodline Partners LP raised its stake in Cabaletta Bio by 75.2% during the third quarter. Woodline Partners LP now owns 2,135,348 shares of the company’s stock worth $4,997,000 after acquiring an additional 916,884 shares in the last quarter. Finally, Ikarian Capital LLC bought a new position in shares of Cabaletta Bio in the fourth quarter worth about $1,971,000.

Cabaletta Bio Stock Performance

NASDAQ:CABA opened at $2.99 on Friday. The stock has a fifty day moving average price of $3.31 and a 200-day moving average price of $2.94. The company has a market cap of $487.52 million, a price-to-earnings ratio of -1.53 and a beta of 3.26. Cabaletta Bio has a fifty-two week low of $1.26 and a fifty-two week high of $4.23.

Cabaletta Bio (NASDAQ:CABA) last released its earnings results on Thursday, May 14th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.41) by $0.02. Research analysts predict that Cabaletta Bio will post -1.38 EPS for the current fiscal year.

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.