Cabaletta Bio (NASDAQ:CABA) Downgraded by Evercore ISI to "Inline"

Evercore ISI cut shares of Cabaletta Bio (NASDAQ:CABA - Free Report) from an outperform rating to an inline rating in a report issued on Friday morning, MarketBeat reports. They currently have $6.00 price objective on the stock, down from their previous price objective of $15.00.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company downgraded shares of Cabaletta Bio from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $12.00 to $6.00 in a report on Thursday. William Blair reissued an "outperform" rating on shares of Cabaletta Bio in a research note on Monday, November 18th. TD Cowen raised Cabaletta Bio to a "strong-buy" rating in a research note on Friday, November 29th. UBS Group started coverage on Cabaletta Bio in a research report on Thursday, October 10th. They set a "buy" rating and a $10.00 price objective for the company. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $25.00 target price on shares of Cabaletta Bio in a research report on Friday, November 15th. 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 to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $24.38.

Cabaletta Bio Price Performance

Shares of CABA traded up $0.07 during mid-day trading on Friday, reaching $2.38. The stock had a trading volume of 1,838,201 shares, compared to its average volume of 1,426,627. The business's fifty day moving average is $3.54 and its 200 day moving average is $5.45. Cabaletta Bio has a 52-week low of $1.76 and a 52-week high of $26.35. The firm has a market cap of $116.33 million, a price-to-earnings ratio of -1.11 and a beta of 2.37.

Institutional Trading of Cabaletta Bio

A number of institutional investors and hedge funds have recently bought and sold shares of CABA. Jennison Associates LLC grew its holdings in shares of Cabaletta Bio by 1.6% in the third quarter. Jennison Associates LLC now owns 5,632,681 shares of the company's stock valued at $26,586,000 after purchasing an additional 86,214 shares in the last quarter. Fred Alger Management LLC grew its stake in shares of 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. increased its position in shares of Cabaletta Bio by 184.0% during the second quarter. Sofinnova Investments Inc. now owns 1,220,400 shares of the company's stock worth $9,129,000 after acquiring an additional 790,654 shares during the period. Geode Capital Management LLC increased its position in shares of Cabaletta Bio by 12.8% during the third quarter. Geode Capital Management LLC now owns 1,094,644 shares of the company's stock worth $5,168,000 after acquiring an additional 124,071 shares during the period. Finally, Millennium Management LLC boosted its holdings in Cabaletta Bio by 24.8% in the second quarter. Millennium Management LLC now owns 698,317 shares of the company's stock valued at $5,223,000 after purchasing an additional 138,950 shares during the period.

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.