Wells Fargo & Company Cuts Cabaletta Bio (NASDAQ:CABA) Price Target to $3.00

Cabaletta Bio (NASDAQ:CABA) had its price target lowered by Wells Fargo & Company from $6.00 to $3.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 134.38% from the company’s current price.

Several other equities analysts have also commented on CABA. UBS Group reduced their price objective on Cabaletta Bio from $10.00 to $7.00 and set a “buy” rating on the stock in a research report on Tuesday. Evercore ISI cut shares of Cabaletta Bio from an “outperform” rating to an “inline” rating and reduced their price target for the company from $15.00 to $6.00 in a research report on Friday, December 20th. Guggenheim reissued a “buy” rating and set a $23.00 price target on shares of Cabaletta Bio in a research note on Tuesday. Morgan Stanley cut their price objective on shares of Cabaletta Bio from $30.00 to $22.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, HC Wainwright reiterated a “buy” rating and issued a $25.00 target price on shares of Cabaletta Bio in a research report on Tuesday. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $22.00.

Cabaletta Bio Trading Down 7.6 %

Shares of NASDAQ:CABA traded down $0.11 during trading on Tuesday, reaching $1.28. The company had a trading volume of 592,399 shares, compared to its average volume of 1,485,520. The company has a fifty day moving average of $2.09 and a two-hundred day moving average of $2.95. The stock has a market capitalization of $62.56 million, a P/E ratio of -0.59 and a beta of 2.58. Cabaletta Bio has a 12 month low of $1.27 and a 12 month high of $19.04.

Cabaletta Bio (NASDAQ:CABA) last announced its earnings results on Monday, March 31st. The company reported ($0.65) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.65). As a group, equities research analysts predict that Cabaletta Bio will post -2.34 earnings per share for the current year.

Institutional Investors Weigh In On Cabaletta Bio

Institutional investors have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Cabaletta Bio in the third quarter valued at about $32,000. Point72 DIFC Ltd bought a new stake in shares of Cabaletta Bio in the third quarter worth about $33,000. Intech Investment Management LLC purchased a new position in Cabaletta Bio during the 3rd quarter valued at about $67,000. Miller Financial Services LLC bought a new position in Cabaletta Bio during the 4th quarter valued at approximately $33,000. Finally, Avanza Fonder AB purchased a new stake in Cabaletta Bio in the 4th quarter worth approximately $40,000.

About Cabaletta Bio

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.