Cabaletta Bio (NASDAQ:CABA) Price Target Increased to $30.00 by Analysts at Citigroup

Cabaletta Bio (NASDAQ:CABA - Get Free Report) had its target price raised by research analysts at Citigroup from $26.00 to $30.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's price target indicates a potential upside of 86.22% from the company's previous close.

Several other analysts also recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of Cabaletta Bio from $34.00 to $35.00 and gave the company an "overweight" rating in a report on Friday, March 22nd. Jefferies Financial Group assumed coverage on shares of Cabaletta Bio in a research note on Monday, February 5th. They issued a "buy" rating and a $36.00 price target for the company. HC Wainwright boosted their price target on shares of Cabaletta Bio from $25.00 to $30.00 and gave the stock a "buy" rating in a research note on Friday, March 22nd. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $50.00 price target on shares of Cabaletta Bio in a research note on Friday, March 22nd. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $34.33.

Cabaletta Bio Stock Performance

Shares of NASDAQ CABA traded down $0.33 during midday trading on Thursday, reaching $16.11. 1,482,841 shares of the stock were exchanged, compared to its average volume of 931,665. The company has a 50 day simple moving average of $21.08 and a 200 day simple moving average of $18.89. The stock has a market capitalization of $777.15 million, a P/E ratio of -10.11 and a beta of 2.41. Cabaletta Bio has a twelve month low of $7.43 and a twelve month high of $26.35.

Insider Activity at Cabaletta Bio

In related news, insider Gwendolyn Binder sold 11,000 shares of the business's stock in a transaction on Friday, January 19th. The shares were sold at an average price of $19.59, for a total value of $215,490.00. Following the completion of the sale, the insider now directly owns 20,000 shares of the company's stock, valued at $391,800. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 12.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cabaletta Bio

A number of institutional investors and hedge funds have recently made changes to their positions in CABA. Fred Alger Management LLC raised its holdings in shares of Cabaletta Bio by 445.6% in the first quarter. Fred Alger Management LLC now owns 4,015,310 shares of the company's stock valued at $33,207,000 after buying an additional 3,279,361 shares during the last quarter. Bain Capital Life Sciences Investors LLC purchased a new stake in shares of Cabaletta Bio in the second quarter valued at about $25,820,000. BlackRock Inc. raised its holdings in shares of Cabaletta Bio by 637.1% in the second quarter. BlackRock Inc. now owns 1,709,718 shares of the company's stock valued at $22,072,000 after buying an additional 1,477,768 shares during the last quarter. Perceptive Advisors LLC raised its holdings in shares of Cabaletta Bio by 76.9% in the fourth quarter. Perceptive Advisors LLC now owns 2,003,058 shares of the company's stock valued at $45,469,000 after buying an additional 870,567 shares during the last quarter. Finally, Commodore Capital LP lifted its position in shares of Cabaletta Bio by 29.1% in the 2nd quarter. Commodore Capital LP now owns 2,368,186 shares of the company's stock worth $30,573,000 after buying an additional 533,186 shares during 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.