Fred Alger Management LLC Reduces Stake in Cabaletta Bio, Inc. (NASDAQ:CABA)

Fred Alger Management LLC cut its holdings in Cabaletta Bio, Inc. (NASDAQ:CABA - Free Report) by 43.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,316,224 shares of the company's stock after selling 1,803,170 shares during the period. Fred Alger Management LLC owned approximately 4.74% of Cabaletta Bio worth $5,258,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in CABA. Bridgeway Capital Management LLC acquired a new position in shares of Cabaletta Bio during the 4th quarter valued at $199,000. Cantor Fitzgerald L. P. bought a new stake in Cabaletta Bio in the fourth quarter valued at $224,000. Bank of America Corp DE raised its holdings in shares of Cabaletta Bio by 14.2% during the fourth quarter. Bank of America Corp DE now owns 546,461 shares of the company's stock valued at $1,240,000 after purchasing an additional 67,787 shares during the period. BNP Paribas Financial Markets bought a new position in shares of Cabaletta Bio during the 4th quarter worth about $118,000. Finally, Tudor Investment Corp ET AL acquired a new stake in shares of Cabaletta Bio in the 4th quarter valued at about $47,000.

Cabaletta Bio Stock Up 2.3%

NASDAQ CABA traded up $0.03 on Tuesday, reaching $1.32. The company had a trading volume of 698,555 shares, compared to its average volume of 1,428,943. The company's fifty day moving average is $1.38 and its 200 day moving average is $2.27. Cabaletta Bio, Inc. has a 52-week low of $0.99 and a 52-week high of $13.50. The stock has a market capitalization of $66.98 million, a P/E ratio of -0.61 and a beta of 2.72.

Cabaletta Bio (NASDAQ:CABA - Get Free Report) last announced its earnings results on Monday, March 31st. The company reported ($0.65) EPS for the quarter, meeting the consensus estimate of ($0.65). On average, research analysts expect that Cabaletta Bio, Inc. will post -2.34 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CABA. Wells Fargo & Company dropped their price target on Cabaletta Bio from $6.00 to $3.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 1st. Morgan Stanley decreased their price objective on Cabaletta Bio from $30.00 to $22.00 and set an "overweight" rating for the company in a report on Tuesday, April 1st. Guggenheim reiterated a "buy" rating and issued a $23.00 target price on shares of Cabaletta Bio in a report on Tuesday, April 1st. UBS Group decreased their price target on shares of Cabaletta Bio from $10.00 to $7.00 and set a "buy" rating for the company in a research note on Tuesday, April 1st. Finally, HC Wainwright restated a "buy" rating and set a $25.00 price objective on shares of Cabaletta Bio in a report on Tuesday, April 1st. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $21.00.

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.