Cabaletta Bio (NASDAQ:CABA) Stock Price Up 1.3% - Still a Buy?

Cabaletta Bio, Inc. (NASDAQ:CABA - Get Free Report) shares rose 1.3% during trading on Tuesday . The company traded as high as $1.54 and last traded at $1.51. Approximately 1,826,933 shares traded hands during trading, an increase of 9% from the average daily volume of 1,672,240 shares. The stock had previously closed at $1.49.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on CABA shares. HC Wainwright restated a "buy" rating and issued a $25.00 target price on shares of Cabaletta Bio in a report on Wednesday, June 11th. UBS Group lowered their price target on Cabaletta Bio from $10.00 to $7.00 and set a "buy" rating for the company in a research report on Tuesday, April 1st. Guggenheim lifted their price objective 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. Wells Fargo & Company reduced 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. Finally, Morgan Stanley dropped their price target on shares of Cabaletta Bio from $30.00 to $22.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 1st. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $14.43.

Cabaletta Bio Stock Performance

The stock has a market cap of $76.62 million, a P/E ratio of -0.59 and a beta of 2.70. The business has a 50 day simple moving average of $1.72 and a 200-day simple moving average of $1.85.

Cabaletta Bio (NASDAQ:CABA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 21st. The company reported ($0.71) earnings per share for the quarter, missing the consensus estimate of ($0.67) by ($0.04). On average, sell-side analysts predict that Cabaletta Bio, Inc. will post -2.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Miller Financial Services LLC bought a new stake in shares of Cabaletta Bio in the 4th quarter worth approximately $33,000. Intech Investment Management LLC increased its position in Cabaletta Bio by 42.2% in the fourth quarter. Intech Investment Management LLC now owns 20,203 shares of the company's stock worth $46,000 after buying an additional 5,999 shares during the last quarter. Tudor Investment Corp ET AL bought a new stake in shares of Cabaletta Bio in the fourth quarter valued at $47,000. Callan Family Office LLC purchased a new position in shares of Cabaletta Bio during the 1st quarter valued at $58,000. Finally, Comerica Bank lifted its position 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 valued at $58,000 after buying an additional 39,860 shares during the last quarter.

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.

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