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

Cabaletta Bio (NASDAQ:CABA) had its target price cut by Wells Fargo & Company from $4.00 to $3.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an equal weight rating on the stock.

Other analysts have also issued research reports about the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cabaletta Bio in a report on Friday, July 17th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Cabaletta Bio in a report on Wednesday, June 3rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Cabaletta Bio in a research report on Monday, May 4th. Finally, Wall Street Zen downgraded shares of Cabaletta Bio from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Cabaletta Bio currently has an average rating of “Moderate Buy” and a consensus target price of $15.33.

Cabaletta Bio Price Performance

CABA opened at $2.75 on Friday. The company has a market capitalization of $448.39 million, a price-to-earnings ratio of -1.75 and a beta of 3.30. Cabaletta Bio has a 1-year low of $1.40 and a 1-year high of $4.23. The business has a 50 day moving average price of $2.89 and a two-hundred day moving average price of $3.06.

Cabaletta Bio (NASDAQ:CABA) last issued 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. Equities analysts expect that Cabaletta Bio will post -1.38 EPS for the current fiscal year.

Institutional Investors Weigh In On Cabaletta Bio

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Cabaletta Bio in the second quarter worth about $33,447,000. T. Rowe Price Investment Management Inc. lifted its position 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 acquiring an additional 1,495,768 shares in the last quarter. Jennison Associates LLC boosted its stake in Cabaletta Bio by 0.7% in the 1st quarter. Jennison Associates LLC now owns 8,970,578 shares of the company’s stock worth $24,131,000 after purchasing an additional 64,879 shares during the period. Adage Capital Partners GP L.L.C. grew its position in 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 purchasing an additional 5,195,285 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Cabaletta Bio by 21.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,190,759 shares of the company’s stock valued at $9,806,000 after purchasing an additional 740,032 shares during the period.

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.