Cabaletta Bio, Inc. (NASDAQ:CABA) Given Consensus Recommendation of "Buy" by Analysts

Cabaletta Bio, Inc. (NASDAQ:CABA - Get Free Report) has received an average rating of "Buy" from the nine ratings firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $24.38.

A number of brokerages have weighed in on CABA. HC Wainwright reissued a "buy" rating and set a $25.00 price target on shares of Cabaletta Bio in a research note on Friday, November 15th. Evercore ISI cut shares of Cabaletta Bio from an "outperform" rating to an "inline" rating and decreased their target price for the stock from $15.00 to $6.00 in a research report on Friday. UBS Group started coverage on Cabaletta Bio in a report on Thursday, October 10th. They set a "buy" rating and a $10.00 price objective for the company. TD Cowen upgraded Cabaletta Bio to a "strong-buy" rating in a report on Friday, November 29th. Finally, Wells Fargo & Company downgraded Cabaletta Bio from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $12.00 to $6.00 in a research report on Thursday, December 19th.

Cabaletta Bio Trading Down 0.8 %

Shares of Cabaletta Bio stock traded down $0.02 during mid-day trading on Tuesday, hitting $2.34. 1,135,602 shares of the stock were exchanged, compared to its average volume of 1,426,924. The company has a 50-day simple moving average of $3.47 and a 200 day simple moving average of $5.27. The stock has a market capitalization of $114.37 million, a price-to-earnings ratio of -1.09 and a beta of 2.37. Cabaletta Bio has a twelve month low of $1.76 and a twelve month high of $26.35.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Fred Alger Management LLC grew its stake in Cabaletta Bio by 63.3% during the 3rd quarter. Fred Alger Management LLC now owns 4,119,394 shares of the company's stock valued at $19,444,000 after purchasing an additional 1,596,512 shares in the last quarter. Sofinnova Investments Inc. increased its stake in shares of Cabaletta Bio by 184.0% in the second quarter. Sofinnova Investments Inc. now owns 1,220,400 shares of the company's stock worth $9,129,000 after buying an additional 790,654 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Cabaletta Bio in the third quarter worth $3,150,000. Panagora Asset Management Inc. acquired a new stake in Cabaletta Bio in the second quarter valued at $2,243,000. Finally, Squarepoint Ops LLC boosted its stake in Cabaletta Bio by 643.3% during the 2nd quarter. Squarepoint Ops LLC now owns 315,379 shares of the company's stock valued at $2,359,000 after acquiring an additional 272,948 shares during the last quarter.

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.