Cabaletta Bio, Inc. (NASDAQ:CABA) Short Interest Down 28.9% in October

Cabaletta Bio, Inc. (NASDAQ:CABA - Get Free Report) was the recipient of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 3,780,000 shares, a drop of 28.9% from the September 30th total of 5,320,000 shares. Based on an average daily volume of 1,040,000 shares, the days-to-cover ratio is currently 3.6 days.

Institutional Investors Weigh In On Cabaletta Bio

A number of large investors have recently modified their holdings of CABA. Jennison Associates LLC grew its stake in shares of Cabaletta Bio by 110.4% during the first quarter. Jennison Associates LLC now owns 3,422,984 shares of the company's stock worth $58,396,000 after purchasing an additional 1,796,356 shares in the last quarter. Sofinnova Investments Inc. boosted its position in shares of Cabaletta Bio by 184.0% during the 2nd 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 in the last quarter. Panagora Asset Management Inc. purchased a new position in shares of Cabaletta Bio in the 2nd quarter valued at about $2,243,000. Squarepoint Ops LLC increased its holdings in shares of Cabaletta Bio by 643.3% in 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. Finally, E Fund Management Co. Ltd. raised its position in shares of Cabaletta Bio by 1,610.1% during the 2nd quarter. E Fund Management Co. Ltd. now owns 286,424 shares of the company's stock worth $2,142,000 after acquiring an additional 269,675 shares in the last quarter.

Analysts Set New Price Targets

A number of research firms have commented on CABA. HC Wainwright reaffirmed a "buy" rating and issued a $25.00 target price on shares of Cabaletta Bio in a research report on Tuesday, September 17th. Evercore ISI decreased their price objective on shares of Cabaletta Bio from $25.00 to $15.00 and set an "outperform" rating on the stock in a report on Monday, August 12th. Wells Fargo & Company dropped their target price on shares of Cabaletta Bio from $35.00 to $20.00 and set an "overweight" rating for the company in a report on Monday, August 12th. Finally, UBS Group assumed coverage on Cabaletta Bio in a research report on Thursday, October 10th. They issued a "buy" rating and a $10.00 target price on the stock. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, Cabaletta Bio has a consensus rating of "Buy" and an average target price of $28.10.

Cabaletta Bio Trading Up 4.9 %

NASDAQ:CABA traded up $0.19 during midday trading on Monday, reaching $4.10. The company had a trading volume of 706,858 shares, compared to its average volume of 1,089,662. The stock's fifty day simple moving average is $4.63 and its 200-day simple moving average is $7.88. Cabaletta Bio has a 12-month low of $3.47 and a 12-month high of $26.35. The firm has a market capitalization of $197.94 million, a price-to-earnings ratio of -2.42 and a beta of 2.39.

Cabaletta Bio (NASDAQ:CABA - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.01). As a group, sell-side analysts expect that Cabaletta Bio will post -2.28 EPS for the current year.

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.

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