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

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AQR Capital Management LLC purchased a new stake in Cabaletta Bio in the 1st quarter worth approximately $102,000. Almitas Capital LLC acquired a new stake in shares of Cabaletta Bio in the first quarter valued at about $509,000. Comerica Bank raised its stake in shares of Cabaletta Bio by 2,292.1% during the first quarter. Comerica Bank now owns 41,599 shares of the company's stock valued at $58,000 after purchasing an additional 39,860 shares during the period. Callan Family Office LLC acquired a new position in Cabaletta Bio in the 1st quarter worth $58,000. Finally, Nuveen LLC purchased a new position in Cabaletta Bio in the first quarter valued at about $602,000.

Cabaletta Bio Stock Up 4.2%

Shares of Cabaletta Bio stock traded up $0.08 during midday trading on Tuesday, hitting $1.99. The company's stock had a trading volume of 2,559,157 shares, compared to its average volume of 1,226,014. Cabaletta Bio, Inc. has a 1-year low of $0.99 and a 1-year high of $5.46. The firm has a market capitalization of $182.01 million, a P/E ratio of -0.73 and a beta of 2.86. The stock has a 50-day simple moving average of $1.61 and a 200-day simple moving average of $1.59.

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

Wall Street Analysts Forecast Growth

CABA has been the topic of a number of research analyst reports. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $15.00 target price on shares of Cabaletta Bio in a report on Friday, September 5th. HC Wainwright reaffirmed a "buy" rating and set a $25.00 price target on shares of Cabaletta Bio in a report on Wednesday, June 11th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Cabaletta Bio currently has an average rating of "Buy" and a consensus target price of $14.50.

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.