10,754,701 Shares in Cabaletta Bio, Inc. $CABA Purchased by BlackRock Inc.

Key Points

• BlackRock acquired 10.75 million Cabaletta Bio shares during the second quarter, worth approximately $33.4 million and representing a 6.6% stake.
• Cabaletta Bio reported a quarterly loss of $0.34 per share, beating analysts’ estimate of a $0.37 loss. The stock opened at $3.30, with a market capitalization of about $559 million.
• Analyst sentiment is broadly positive, with an average “Moderate Buy” rating and a $15.33 price target, although targets range from $3 to $16 and one firm maintains a sell rating.

BlackRock Inc. purchased a new stake in Cabaletta Bio, Inc. (NASDAQ:CABA - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 10,754,701 shares of the company's stock, valued at approximately $33,447,000. BlackRock Inc. owned 6.60% of Cabaletta Bio as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Private Advisor Group LLC lifted its position in Cabaletta Bio by 22.4% during the 1st quarter. Private Advisor Group LLC now owns 18,025 shares of the company's stock worth $48,000 after acquiring an additional 3,300 shares during the period. Kestra Advisory Services LLC acquired a new position in shares of Cabaletta Bio in the first quarter valued at approximately $32,000. SummitTX Capital L.P. acquired a new position in shares of Cabaletta Bio in the first quarter valued at approximately $34,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Cabaletta Bio during the fourth quarter worth approximately $38,000. Finally, Clear Harbor Asset Management LLC acquired a new stake in shares of Cabaletta Bio during the fourth quarter worth $43,000.

Cabaletta Bio Price Performance

Cabaletta Bio stock opened at $3.30 on Wednesday. The stock's 50 day moving average price is $2.92 and its 200 day moving average price is $3.11. Cabaletta Bio, Inc. has a 1-year low of $1.42 and a 1-year high of $4.23. The company has a market cap of $559.48 million, a PE ratio of -2.10 and a beta of 3.27.

Cabaletta Bio (NASDAQ:CABA - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.03. On average, equities research analysts anticipate that Cabaletta Bio, Inc. will post -1.34 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. TD Cowen upgraded shares of Cabaletta Bio to a "strong-buy" rating in a research report on Monday, August 24th. Weiss Ratings restated a "sell (d-)" rating on shares of Cabaletta Bio in a research report on Friday, July 17th. Jefferies Financial Group restated a "buy" rating on shares of Cabaletta Bio in a research note on Wednesday, June 3rd. Wells Fargo & Company lowered their target price on shares of Cabaletta Bio from $4.00 to $3.00 and set an "equal weight" rating on the stock in a report on Friday, August 14th. Finally, HC Wainwright reiterated a "buy" rating and set a $16.00 price target on shares of Cabaletta Bio in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $15.33.

About Cabaletta Bio

Cabaletta Bio is a clinical-stage biotechnology company pioneering chimeric autoantibody receptor T cell (CAAR-T) therapies for B cell–mediated autoimmune diseases. Its proprietary platform engineers patient-derived T cells to selectively target and eliminate pathogenic B cells that produce disease-driving autoantibodies, with the aim of preserving overall immune function and reducing off-target toxicity.

The company's lead candidate, DSG3-CAART, is being evaluated in pemphigus vulgaris, a rare blistering disorder caused by autoantibodies against desmoglein 3.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source