Cabaletta Bio (NASDAQ:CABA) Issues Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Cabaletta Bio (NASDAQ:CABA - Get Free Report) released its earnings results on Wednesday. The company reported ($0.71) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.04), Zacks reports.

Cabaletta Bio Trading Down 2.9%

CABA stock traded down $0.06 during midday trading on Wednesday, reaching $1.83. The company had a trading volume of 135,456 shares, compared to its average volume of 1,544,945. Cabaletta Bio has a 1 year low of $0.99 and a 1 year high of $13.50. The company has a market capitalization of $92.61 million, a P/E ratio of -0.85 and a beta of 2.72. The company has a 50 day moving average of $1.37 and a two-hundred day moving average of $2.19.

Analyst Ratings Changes

Several analysts recently commented on the stock. Wells Fargo & Company cut their target price on shares of Cabaletta Bio from $6.00 to $3.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 1st. Morgan Stanley reduced their price target on shares of Cabaletta Bio from $30.00 to $22.00 and set an "overweight" rating for the company in a research report on Tuesday, April 1st. Guggenheim upped their price target on shares of Cabaletta Bio from $23.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Citigroup reduced their price target on shares of Cabaletta Bio from $17.00 to $13.00 and set a "buy" rating for the company in a research report on Friday, May 16th. Finally, UBS Group reduced their price target on shares of Cabaletta Bio from $10.00 to $7.00 and set a "buy" rating for the company in a research report on Tuesday, April 1st. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $20.33.

Institutional Investors Weigh In On Cabaletta Bio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CABA. AQR Capital Management LLC acquired a new position in shares of Cabaletta Bio during the 1st quarter worth $102,000. Comerica Bank increased its stake in shares of Cabaletta Bio by 2,292.1% during the 1st quarter. Comerica Bank now owns 41,599 shares of the company's stock worth $58,000 after purchasing an additional 39,860 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Cabaletta Bio by 357.1% during the 1st quarter. Invesco Ltd. now owns 61,675 shares of the company's stock worth $85,000 after purchasing an additional 48,181 shares during the last quarter.

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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