Cabaletta Bio (NASDAQ:CABA) Cut to "Strong Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Cabaletta Bio to “strong sell” from “sell,” though analyst sentiment remains mixed. MarketBeat lists a “Moderate Buy” consensus rating and an average price target of $15.33.
• CABA opened at $2.73, below its 50-day moving average of $2.94 and 200-day moving average of $3.12. The stock has traded between $1.73 and $4.23 over the past year.
• Cabaletta Bio reported a quarterly loss of $0.34 per share, beating estimates by $0.03, while hedge funds including Opaleye Management increased their holdings. The clinical-stage biotech is developing CAAR-T therapies for B cell-mediated autoimmune diseases.

Cabaletta Bio (NASDAQ:CABA - Get Free Report) was downgraded by Wall Street Zen from a "sell" rating to a "strong sell" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company lowered their price objective on shares of Cabaletta Bio from $4.00 to $3.00 and set an "equal weight" rating for the company in a report on Friday, August 14th. Jefferies Financial Group reiterated a "buy" rating on shares of Cabaletta Bio in a research report on Wednesday, June 3rd. TD Cowen raised shares of Cabaletta Bio to a "strong-buy" rating in a research note on Monday, August 24th. HC Wainwright reaffirmed a "buy" rating and issued a $16.00 price target on shares of Cabaletta Bio in a research note on Tuesday, September 1st. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cabaletta Bio in a research note on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $15.33.

Cabaletta Bio Stock Down 0.4%

NASDAQ:CABA opened at $2.73 on Friday. The business's 50-day moving average price is $2.94 and its two-hundred day moving average price is $3.12. The stock has a market cap of $462.86 million, a P/E ratio of -1.74 and a beta of 3.27. Cabaletta Bio has a twelve month low of $1.73 and a twelve month high of $4.23.

Cabaletta Bio (NASDAQ:CABA - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.34) EPS for the quarter, topping analysts' consensus estimates of ($0.37) by $0.03. On average, equities research analysts expect that Cabaletta Bio will post -1.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Cabaletta Bio

Several hedge funds have recently modified their holdings of CABA. Opaleye Management Inc. raised its stake in Cabaletta Bio by 180.0% during the second quarter. Opaleye Management Inc. now owns 3,863,800 shares of the company's stock valued at $12,016,000 after purchasing an additional 2,483,800 shares in the last quarter. WINTON GROUP Ltd boosted its position in Cabaletta Bio by 76.5% in the 2nd quarter. WINTON GROUP Ltd now owns 27,000 shares of the company's stock valued at $84,000 after buying an additional 11,700 shares during the period. HighTower Advisors LLC bought a new position in Cabaletta Bio in the second quarter worth approximately $34,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Cabaletta Bio during the 2nd quarter worth $476,000. Finally, Two Sigma Securities LLC bought a new position in Cabaletta Bio during the 2nd quarter worth about $83,000.

About Cabaletta Bio

Cabaletta Bio is a clinical-stage biotechnology company pioneering chimeric autoantibody receptor T cell (CAAR-T) therapies for B cell–mediated autoimmune diseases. Its proprietary platform engineers patient-derived T cells to selectively target and eliminate pathogenic B cells that produce disease-driving autoantibodies, with the aim of preserving overall immune function and reducing off-target toxicity.

The company's lead candidate, DSG3-CAART, is being evaluated in pemphigus vulgaris, a rare blistering disorder caused by autoantibodies against desmoglein 3.

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