Cabaletta Bio, Inc. (NASDAQ:CABA) Given Average Rating of "Buy" by Analysts

Key Points

• Cabaletta Bio, Inc. (NASDAQ:CABA) has been assigned an average rating of "Buy" by eight ratings firms, with a 12-month target price averaging $14.43.
• Institutional trading activity has been notable, with Jennison Associates LLC increasing its stake by 147.4% and other firms also boosting their positions in CABA.
• Cabaletta Bio's stock price opened at $1.55, with the company reporting a loss of $0.71 earnings per share that missed estimates.

Cabaletta Bio, Inc. (NASDAQ:CABA - Get Free Report) has been assigned an average rating of "Buy" from the eight ratings firms that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $14.4286.

Several research firms recently weighed in on CABA. Guggenheim boosted their price target on shares of Cabaletta Bio from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Citigroup cut their price target on shares of Cabaletta Bio from $17.00 to $13.00 and set a "buy" rating on the stock in a report on Friday, May 16th. Finally, HC Wainwright restated a "buy" rating and set a $25.00 price target on shares of Cabaletta Bio in a report on Wednesday, June 11th.

Institutional Trading of Cabaletta Bio

Several hedge funds have recently added to or reduced their stakes in the stock. Jennison Associates LLC raised its position in shares of Cabaletta Bio by 147.4% in the second quarter. Jennison Associates LLC now owns 6,020,167 shares of the company's stock valued at $9,151,000 after purchasing an additional 3,586,439 shares during the period. Acadian Asset Management LLC increased its position in Cabaletta Bio by 36.5% during the 1st quarter. Acadian Asset Management LLC now owns 682,670 shares of the company's stock valued at $942,000 after buying an additional 182,406 shares in the last quarter. AQR Capital Management LLC bought a new position in Cabaletta Bio during the 1st quarter valued at approximately $102,000. Almitas Capital LLC purchased a new stake in Cabaletta Bio during the 1st quarter valued at about $509,000. Finally, Comerica Bank grew its position in Cabaletta Bio by 2,292.1% during the 1st quarter. Comerica Bank now owns 41,599 shares of the company's stock valued at $58,000 after purchasing an additional 39,860 shares during the last quarter.

Cabaletta Bio Price Performance

Shares of NASDAQ CABA opened at $1.55 on Wednesday. The stock has a market capitalization of $78.65 million, a P/E ratio of -0.61 and a beta of 2.74. The company has a 50-day moving average price of $1.76 and a 200-day moving average price of $1.75. Cabaletta Bio has a 1 year low of $0.99 and a 1 year high of $6.73.

Cabaletta Bio (NASDAQ:CABA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 21st. The company reported ($0.71) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.67) by ($0.04). As a group, equities research analysts anticipate that Cabaletta Bio will post -2.34 earnings per share for the current fiscal year.

Cabaletta Bio Company Profile

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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