Cabaletta Bio (NASDAQ:CABA) Trading Up 7.8% – Still a Buy?

Cabaletta Bio, Inc. (NASDAQ:CABA)’s stock price shot up 7.8% during trading on Thursday . The company traded as high as $3.28 and last traded at $3.2220. Approximately 3,384,207 shares were traded during mid-day trading, a decline of 8% from the average session volume of 3,681,072 shares. The stock had previously closed at $2.99.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CABA. Wells Fargo & Company raised their price objective on shares of Cabaletta Bio from $2.00 to $4.00 and gave the company an “equal weight” rating in a research report on Friday, May 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Cabaletta Bio in a research note on Monday, April 20th. Jefferies Financial Group restated a “buy” rating on shares of Cabaletta Bio in a report on Wednesday, June 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Cabaletta Bio in a research note on Monday, May 4th. Finally, Wall Street Zen cut shares of Cabaletta Bio from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $15.50.

Cabaletta Bio Trading Up 4.5%

The stock has a fifty day moving average price of $3.31 and a 200 day moving average price of $2.94. The firm has a market cap of $509.53 million, a price-to-earnings ratio of -1.60 and a beta of 3.26.

Cabaletta Bio (NASDAQ:CABA) last posted its earnings results on Thursday, May 14th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.41) by $0.02. On average, sell-side analysts forecast that Cabaletta Bio, Inc. will post -1.38 EPS for the current year.

Institutional Trading of Cabaletta Bio

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE boosted its holdings in shares of Cabaletta Bio by 1,770.9% during the 1st quarter. Bank of America Corp DE now owns 269,257 shares of the company’s stock worth $724,000 after buying an additional 254,865 shares during the period. SummitTX Capital L.P. bought a new position in Cabaletta Bio in the 1st quarter worth $34,000. Renaissance Technologies LLC raised its holdings in Cabaletta Bio by 33.8% in the 1st quarter. Renaissance Technologies LLC now owns 2,036,663 shares of the company’s stock worth $5,479,000 after acquiring an additional 514,080 shares during the period. Dimensional Fund Advisors LP lifted its position in Cabaletta Bio by 63.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 740,648 shares of the company’s stock worth $1,990,000 after acquiring an additional 288,609 shares during the last quarter. Finally, Jennison Associates LLC lifted its position in Cabaletta Bio by 0.7% during the 1st quarter. Jennison Associates LLC now owns 8,970,578 shares of the company’s stock worth $24,131,000 after acquiring an additional 64,879 shares during the last quarter.

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.