Cabaletta Bio, Inc. (NASDAQ:CABA) Receives Average Recommendation of "Buy" from Brokerages

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 earned a consensus rating of "Buy" from the eight ratings firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $14.4286.

A number of equities analysts recently issued reports on CABA shares. Citigroup lowered their price target on Cabaletta Bio from $17.00 to $13.00 and set a "buy" rating for the company in a report on Friday, May 16th. Guggenheim upped their target price on Cabaletta Bio from $23.00 to $25.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Finally, HC Wainwright reiterated a "buy" rating and set a $25.00 target price on shares of Cabaletta Bio in a research report on Wednesday, June 11th.

Institutional Trading of Cabaletta Bio

Hedge funds have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL bought a new stake in Cabaletta Bio during the 4th quarter valued at $47,000. Wells Fargo & Company MN raised its stake in Cabaletta Bio by 67.3% during the 4th quarter. Wells Fargo & Company MN now owns 40,412 shares of the company's stock valued at $92,000 after acquiring an additional 16,250 shares in the last quarter. Callan Family Office LLC bought a new stake in Cabaletta Bio during the 1st quarter valued at $58,000. Comerica Bank raised its stake 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 acquiring an additional 39,860 shares in the last quarter. Finally, Stifel Financial Corp bought a new stake in shares of Cabaletta Bio in the 4th quarter worth $94,000.

Cabaletta Bio Price Performance

Shares of Cabaletta Bio stock traded down $0.09 on Wednesday, reaching $1.36. 1,222,354 shares of the company were exchanged, compared to its average volume of 964,542. Cabaletta Bio has a 1-year low of $0.99 and a 1-year high of $6.26. The company has a market cap of $69.01 million, a P/E ratio of -0.50 and a beta of 2.74. The stock's 50 day moving average price is $1.73 and its 200-day moving average price is $1.73.

Cabaletta Bio (NASDAQ:CABA - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.73) EPS for the quarter, missing analysts' consensus estimates of ($0.71) by ($0.02). On average, research analysts predict that Cabaletta Bio will post -2.34 earnings per share for the current fiscal 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.