Jennison Associates LLC Sells 3,120,628 Shares of Cabaletta Bio, Inc. (NASDAQ:CABA)

Jennison Associates LLC lessened its holdings in Cabaletta Bio, Inc. (NASDAQ:CABA - Free Report) by 55.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,512,053 shares of the company's stock after selling 3,120,628 shares during the quarter. Jennison Associates LLC owned approximately 5.14% of Cabaletta Bio worth $5,702,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Cabaletta Bio during the third quarter worth approximately $32,000. Point72 DIFC Ltd acquired a new position in Cabaletta Bio during the third quarter worth about $33,000. Avanza Fonder AB bought a new stake in shares of Cabaletta Bio in the 4th quarter worth approximately $40,000. China Universal Asset Management Co. Ltd. lifted its position in shares of Cabaletta Bio by 65.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 9,395 shares of the company's stock valued at $44,000 after acquiring an additional 3,724 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of Cabaletta Bio in the 3rd quarter valued at $67,000.

Cabaletta Bio Stock Performance

Shares of Cabaletta Bio stock traded up $0.16 during trading on Thursday, reaching $2.60. 1,315,043 shares of the company's stock were exchanged, compared to its average volume of 1,328,514. The company has a market cap of $127.09 million, a P/E ratio of -1.21 and a beta of 2.47. Cabaletta Bio, Inc. has a 1-year low of $1.76 and a 1-year high of $26.35. The firm's 50-day moving average price is $2.62 and its 200 day moving average price is $3.93.

Analyst Upgrades and Downgrades

CABA has been the topic of several recent analyst reports. Evercore ISI lowered Cabaletta Bio from an "outperform" rating to an "inline" rating and dropped their price target for the company from $15.00 to $6.00 in a research report on Friday, December 20th. Wells Fargo & Company lowered Cabaletta Bio from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $12.00 to $6.00 in a report on Thursday, December 19th. William Blair reiterated an "outperform" rating on shares of Cabaletta Bio in a research note on Monday, November 18th. HC Wainwright reiterated a "buy" rating and set a $25.00 price target on shares of Cabaletta Bio in a report on Friday, January 17th. Finally, UBS Group initiated coverage on Cabaletta Bio in a research report on Thursday, October 10th. They set a "buy" rating and a $10.00 target price on the stock. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $22.71.

Cabaletta Bio Profile

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.