Cabaletta Bio (NASDAQ:CABA) Stock Price Up 1.3% - Here's What Happened

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

Analyst Ratings Changes

A number of brokerages have recently weighed in on CABA. Wells Fargo & Company lowered their target price on Cabaletta Bio from $6.00 to $3.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 1st. Guggenheim upped their target price on Cabaletta Bio from $23.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. HC Wainwright reaffirmed a "buy" rating and set a $25.00 target price on shares of Cabaletta Bio in a research 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. Finally, Citigroup lowered their price target on Cabaletta Bio from $17.00 to $13.00 and set a "buy" rating for the company in a research report on Friday, May 16th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Cabaletta Bio currently has a consensus rating of "Buy" and a consensus price target of $14.43.

Cabaletta Bio Price Performance

The stock has a 50 day simple moving average of $1.74 and a 200 day simple moving average of $1.84.

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 for the quarter, missing analysts' consensus estimates of ($0.67) by ($0.04). As a group, equities analysts predict that Cabaletta Bio, Inc. will post -2.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cabaletta Bio

Hedge funds have recently added to or reduced their stakes in the stock. Intech Investment Management LLC increased its position in Cabaletta Bio by 42.2% during the fourth quarter. Intech Investment Management LLC now owns 20,203 shares of the company's stock valued at $46,000 after acquiring an additional 5,999 shares during the last quarter. Tudor Investment Corp ET AL purchased a new stake in shares of Cabaletta Bio in the fourth quarter worth approximately $47,000. Callan Family Office LLC purchased a new position in Cabaletta Bio during the 1st quarter worth $58,000. Comerica Bank boosted 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 acquiring an additional 39,860 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Cabaletta Bio by 357.1% in 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 in 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.