Renaissance Technologies LLC Acquires 514,080 Shares of Cabaletta Bio, Inc. $CABA

Renaissance Technologies LLC lifted its stake in Cabaletta Bio, Inc. (NASDAQ:CABA) by 33.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,036,663 shares of the company’s stock after purchasing an additional 514,080 shares during the period. Renaissance Technologies LLC owned about 1.83% of Cabaletta Bio worth $5,479,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. boosted its position in 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 buying an additional 1,495,768 shares during the period. Jennison Associates LLC increased its position in shares of Cabaletta Bio by 0.7% during the first 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 period. Adage Capital Partners GP L.L.C. increased its position in shares of Cabaletta Bio by 142.9% during the second quarter. Adage Capital Partners GP L.L.C. now owns 8,829,758 shares of the company’s stock worth $13,421,000 after acquiring an additional 5,195,285 shares during the period. Vanguard Group Inc. raised its stake in shares of Cabaletta Bio by 21.4% during the third quarter. Vanguard Group Inc. now owns 4,190,759 shares of the company’s stock valued at $9,806,000 after acquiring an additional 740,032 shares in the last quarter. Finally, Millennium Management LLC raised its stake in shares of Cabaletta Bio by 298.5% during the fourth quarter. Millennium Management LLC now owns 2,736,912 shares of the company’s stock valued at $5,994,000 after acquiring an additional 2,050,099 shares in the last quarter.

Analysts Set New Price Targets

CABA has been the topic of several research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Cabaletta Bio in a research note on Friday, July 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Cabaletta Bio in a research report on Monday, May 4th. Wall Street Zen cut Cabaletta Bio from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Jefferies Financial Group reissued a “buy” rating on shares of Cabaletta Bio in a research report on Wednesday, June 3rd. Finally, Wells Fargo & Company raised their price target on Cabaletta Bio from $2.00 to $4.00 and gave the company an “equal weight” rating in a research note on Friday, May 15th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Cabaletta Bio has an average rating of “Moderate Buy” and an average price target of $15.50.

Cabaletta Bio Stock Performance

Shares of CABA opened at $2.71 on Thursday. The company has a 50 day moving average price of $3.00 and a 200-day moving average price of $3.05. Cabaletta Bio, Inc. has a fifty-two week low of $1.26 and a fifty-two week high of $4.23. The stock has a market capitalization of $441.88 million, a PE ratio of -1.38 and a beta of 3.30.

Cabaletta Bio (NASDAQ:CABA) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.02. Equities research analysts forecast that Cabaletta Bio, Inc. will post -1.38 EPS for the current year.

Cabaletta Bio 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.