Cabaletta Bio (NASDAQ:CABA) Downgraded to Equal Weight Rating by Wells Fargo & Company

Cabaletta Bio (NASDAQ:CABA - Get Free Report) was downgraded by research analysts at Wells Fargo & Company from an "overweight" rating to an "equal weight" rating in a research note issued on Thursday, Marketbeat.com reports. They currently have a $6.00 target price on the stock, down from their previous target price of $12.00. Wells Fargo & Company's price objective would indicate a potential upside of 159.74% from the stock's current price.

A number of other equities research analysts have also recently commented on CABA. HC Wainwright reissued a "buy" rating and set a $25.00 price target on shares of Cabaletta Bio in a report on Friday, November 15th. TD Cowen raised Cabaletta Bio to a "strong-buy" rating in a research note on Friday, November 29th. UBS Group began coverage on Cabaletta Bio in a research note on Thursday, October 10th. They issued a "buy" rating and a $10.00 price target for the company. Finally, William Blair reiterated an "outperform" rating on shares of Cabaletta Bio in a research report on Monday, November 18th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $25.50.

Cabaletta Bio Stock Performance

Shares of CABA traded up $0.02 during mid-day trading on Thursday, reaching $2.31. The stock had a trading volume of 1,620,444 shares, compared to its average volume of 1,424,939. The business has a fifty day moving average of $3.57 and a 200 day moving average of $5.48. The firm has a market cap of $112.91 million, a price-to-earnings ratio of -1.07 and a beta of 2.37. Cabaletta Bio has a 12 month low of $1.76 and a 12 month high of $26.35.

Institutional Trading of Cabaletta Bio

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