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

Cabaletta Bio (NASDAQ:CABA) had its price target reduced by research analysts at Wells Fargo & Company from $6.00 to $3.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 148.96% from the stock’s previous close.

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

Cabaletta Bio Stock Down 2.8 %

CABA traded down $0.04 during midday trading on Tuesday, hitting $1.21. 370,443 shares of the company were exchanged, compared to its average volume of 1,193,636. Cabaletta Bio has a 1-year low of $1.14 and a 1-year high of $19.04. The firm’s 50 day moving average price is $2.03 and its 200-day moving average price is $2.92. The firm has a market capitalization of $58.90 million, a P/E ratio of -0.56 and a beta of 2.58.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CABA. Walleye Capital LLC boosted its holdings in shares of Cabaletta Bio by 111.6% in the third quarter. Walleye Capital LLC now owns 401,982 shares of the company’s stock valued at $1,897,000 after purchasing an additional 212,025 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Cabaletta Bio in the third quarter valued at about $3,150,000. BIT Capital GmbH purchased a new stake in Cabaletta Bio in the fourth quarter worth about $431,000. Geode Capital Management LLC increased its position in Cabaletta Bio by 12.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,094,644 shares of the company’s stock valued at $5,168,000 after purchasing an additional 124,071 shares during the period. Finally, Barclays PLC lifted its position in shares of Cabaletta Bio by 48.2% in the 3rd quarter. Barclays PLC now owns 61,130 shares of the company’s stock worth $288,000 after purchasing an additional 19,891 shares during the period.

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.