Cabaletta Bio (NASDAQ:CABA) Shares Down 8.4% – Here’s What Happened

Cabaletta Bio, Inc. (NASDAQ:CABA)’s stock price dropped 8.4% during trading on Wednesday . The company traded as low as $3.02 and last traded at $2.9950. 3,818,869 shares were traded during mid-day trading, a decline of 1% from the average session volume of 3,857,512 shares. The stock had previously closed at $3.27.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CABA. Wells Fargo & Company reduced their target price on Cabaletta Bio from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Friday, August 14th. TD Cowen upgraded Cabaletta Bio to a “strong-buy” rating in a research report on Monday, August 24th. HC Wainwright restated a “buy” rating and issued a $16.00 target price on shares of Cabaletta Bio in a research report on Tuesday, September 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cabaletta Bio in a research report on Friday, July 17th. Finally, Wall Street Zen downgraded shares of Cabaletta Bio from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.33.

Cabaletta Bio Trading Down 9.4%

The business’s fifty day simple moving average is $2.96 and its 200-day simple moving average is $3.13. The firm has a market cap of $502.36 million, a P/E ratio of -1.88 and a beta of 3.27.

Cabaletta Bio (NASDAQ:CABA) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.03. Analysts anticipate that Cabaletta Bio, Inc. will post -1.34 earnings per share for the current year.

Institutional Investors Weigh In On Cabaletta Bio

Several institutional investors have recently bought and sold shares of the company. Kestra Advisory Services LLC purchased a new position in Cabaletta Bio during the first quarter worth about $32,000. SummitTX Capital L.P. purchased a new stake in shares of Cabaletta Bio in the 1st quarter worth about $34,000. Legal & General Group Plc purchased a new position in shares of Cabaletta Bio during the 2nd quarter worth approximately $34,000. HighTower Advisors LLC purchased a new stake in shares of Cabaletta Bio in the second quarter valued at $34,000. Finally, ANTIPODES PARTNERS Ltd acquired a new position in shares of Cabaletta Bio in the fourth quarter valued at approximately $38,000.

Cabaletta Bio Company Profile

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.