Fred Alger Management LLC Cuts Holdings in Cabaletta Bio, Inc. $CABA

Key Points

• Fred Alger Management LLC significantly reduced its stake in Cabaletta Bio, Inc. by 79.4%, selling 1,839,014 shares, leaving them with 477,210 shares valued at approximately $661,000.
• Several hedge funds increased their investments in Cabaletta Bio, with Comerica Bank's stake rising by an astonishing 2,292.1%.
• Analyst ratings are generally positive, with a consensus price target of $14.50 and eight out of ten analysts recommending a "Buy" rating on the stock.

Fred Alger Management LLC reduced its position in Cabaletta Bio, Inc. (NASDAQ:CABA - Free Report) by 79.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 477,210 shares of the company's stock after selling 1,839,014 shares during the quarter. Fred Alger Management LLC owned about 0.94% of Cabaletta Bio worth $661,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Callan Family Office LLC acquired a new stake in shares of Cabaletta Bio in the 1st quarter worth $58,000. Comerica Bank raised its stake in Cabaletta Bio by 2,292.1% in the first 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. Stifel Financial Corp acquired a new stake in Cabaletta Bio in the fourth quarter worth about $94,000. BNP Paribas Financial Markets acquired a new stake in Cabaletta Bio in the fourth quarter worth about $118,000. Finally, Invesco Ltd. grew its stake in shares of Cabaletta Bio by 357.1% during the first quarter. Invesco Ltd. now owns 61,675 shares of the company's stock worth $85,000 after acquiring an additional 48,181 shares during the last quarter.

Cabaletta Bio Stock Up 1.7%

Shares of NASDAQ:CABA traded up $0.03 during midday trading on Friday, reaching $1.84. The company's stock had a trading volume of 1,576,075 shares, compared to its average volume of 1,193,008. The stock has a fifty day moving average of $1.59 and a 200 day moving average of $1.59. Cabaletta Bio, Inc. has a twelve month low of $0.99 and a twelve month high of $5.46. The firm has a market capitalization of $168.30 million, a PE ratio of -0.68 and a beta of 2.86.

Cabaletta Bio (NASDAQ:CABA - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.71) by ($0.02). Sell-side analysts anticipate that Cabaletta Bio, Inc. will post -2.34 earnings per share for the current fiscal year.

Analyst Ratings Changes

CABA has been the subject of several research analyst reports. HC Wainwright reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Cabaletta Bio in a research report on Wednesday, June 11th. Citigroup cut their price target on shares of Cabaletta Bio from $17.00 to $13.00 and set a "buy" rating on the stock in a research note on Friday, May 16th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $15.00 price target on shares of Cabaletta Bio in a report on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $14.50.

Cabaletta Bio 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.