Cabaletta Bio (NASDAQ:CABA) Announces Quarterly Earnings Results

Cabaletta Bio (NASDAQ:CABA) announced its quarterly earnings results on Thursday. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.03, FiscalAI reports.

Cabaletta Bio Price Performance

Shares of CABA stock opened at $2.75 on Friday. The stock has a market capitalization of $448.40 million, a PE ratio of -1.75 and a beta of 3.30. The business’s 50 day simple moving average is $2.89 and its 200 day simple moving average is $3.06. Cabaletta Bio has a one year low of $1.40 and a one year high of $4.23.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. T. Rowe Price Investment Management Inc. boosted its stake in shares of Cabaletta Bio by 17.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 9,858,257 shares of the company’s stock valued at $21,590,000 after purchasing an additional 1,495,768 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its stake in Cabaletta Bio by 142.9% during the second 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. Vanguard Group Inc. raised its stake in Cabaletta Bio by 21.4% during the third quarter. Vanguard Group Inc. now owns 4,190,759 shares of the company’s stock worth $9,806,000 after buying an additional 740,032 shares during the last quarter. Millennium Management LLC lifted its holdings 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 buying an additional 2,050,099 shares during the period. Finally, Superstring Capital Management LP lifted its holdings in Cabaletta Bio by 45.9% in the fourth quarter. Superstring Capital Management LP now owns 2,253,550 shares of the company’s stock valued at $4,935,000 after buying an additional 709,025 shares during the period.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CABA. Wall Street Zen lowered shares of Cabaletta Bio from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Wells Fargo & Company reduced their target price on shares of Cabaletta Bio from $4.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Cabaletta Bio in a research report on Monday, May 4th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Cabaletta Bio in a research note on Wednesday, June 3rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cabaletta Bio in a research note on Friday, July 17th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $15.33.

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.