TD Cowen Upgrades Cabaletta Bio (NASDAQ:CABA) to "Strong-Buy"

Key Points

• TD Cowen upgraded Cabaletta Bio to “strong-buy,” while the broader analyst consensus remains “moderate buy” with an average price target of $15.33.
• CABA opened at $3.10 and has traded between $1.40 and $4.23 over the past year. The company reported quarterly EPS of negative $0.34, beating estimates of negative $0.37.
• Several institutional investors recently initiated positions in Cabaletta Bio, whose lead therapy, DSG3-CAART, is being tested for pemphigus vulgaris, a rare autoimmune disorder.

Cabaletta Bio (NASDAQ:CABA - Get Free Report) was upgraded by research analysts at TD Cowen to a "strong-buy" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other equities research analysts have also issued research reports about the company. Wells Fargo & Company dropped their price objective on Cabaletta Bio from $4.00 to $3.00 and set an "equal weight" rating for the company in a research note on Friday, August 14th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Cabaletta Bio in a report on Wednesday, June 3rd. Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 price target on shares of Cabaletta Bio in a research report on Monday, May 4th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cabaletta Bio in a report on Friday, July 17th. Finally, Wall Street Zen cut shares of Cabaletta Bio from a "hold" rating to a "sell" rating in a research report on Saturday, June 13th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $15.33.

Cabaletta Bio Price Performance

NASDAQ CABA opened at $3.10 on Monday. Cabaletta Bio has a 1 year low of $1.40 and a 1 year high of $4.23. The stock has a market capitalization of $525.57 million, a PE ratio of -1.97 and a beta of 3.30. The company's 50 day simple moving average is $2.88 and its two-hundred day simple moving average is $3.08.

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

Hedge Funds Weigh In On Cabaletta Bio

Several institutional investors and hedge funds have recently made changes to their positions in the business. Legal & General Group Plc purchased a new position in Cabaletta Bio in the 2nd quarter worth $34,000. Kestra Advisory Services LLC purchased a new stake in Cabaletta Bio during the first quarter valued at about $32,000. SummitTX Capital L.P. bought a new position in shares of Cabaletta Bio during the first quarter valued at about $34,000. ANTIPODES PARTNERS Ltd bought a new position in shares of Cabaletta Bio during the fourth quarter valued at about $38,000. Finally, Callan Family Office LLC purchased a new position in shares of Cabaletta Bio in the second quarter worth about $54,000.

Cabaletta Bio Company Profile

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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