Cabaletta Bio, Inc. (NASDAQ:CABA - Get Free Report)'s share price dropped 4.2% during trading on Wednesday . The stock traded as low as $15.55 and last traded at $15.60. Approximately 446,553 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 927,485 shares. The stock had previously closed at $16.29.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on CABA. Jefferies Financial Group began coverage on Cabaletta Bio in a research report on Monday, February 5th. They set a "buy" rating and a $36.00 price target on the stock. HC Wainwright increased their price target on Cabaletta Bio from $25.00 to $30.00 and gave the stock a "buy" rating in a research report on Friday, March 22nd. Citigroup increased their price target on Cabaletta Bio from $26.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, April 4th. Cantor Fitzgerald reissued an "overweight" rating and set a $50.00 price target on shares of Cabaletta Bio in a research report on Friday, April 5th. Finally, Wells Fargo & Company increased their price target on Cabaletta Bio from $34.00 to $35.00 and gave the stock an "overweight" rating in a research report on Friday, March 22nd. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $34.33.
View Our Latest Research Report on Cabaletta Bio
Cabaletta Bio Stock Down 7.0 %
The business has a 50 day simple moving average of $20.07 and a 200 day simple moving average of $18.97. The company has a market capitalization of $730.84 million, a PE ratio of -9.18 and a beta of 2.41.
Cabaletta Bio (NASDAQ:CABA - Get Free Report) last announced its quarterly earnings data on Thursday, March 21st. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.07). Equities analysts expect that Cabaletta Bio, Inc. will post -1.82 EPS for the current fiscal year.
Insider Transactions at Cabaletta Bio
In other news, insider Gwendolyn Binder sold 11,000 shares of the firm's stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $19.59, for a total value of $215,490.00. Following the completion of the transaction, the insider now directly owns 20,000 shares in the company, valued at $391,800. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 12.33% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp grew its holdings in Cabaletta Bio by 120.2% during the first quarter. Bank of New York Mellon Corp now owns 22,674 shares of the company's stock worth $46,000 after acquiring an additional 12,379 shares during the period. Acadian Asset Management LLC acquired a new stake in Cabaletta Bio during the first quarter worth about $298,000. Vanguard Group Inc. grew its holdings in Cabaletta Bio by 16.3% during the first quarter. Vanguard Group Inc. now owns 1,051,838 shares of the company's stock worth $2,135,000 after acquiring an additional 147,346 shares during the period. Renaissance Technologies LLC acquired a new stake in Cabaletta Bio during the first quarter worth about $405,000. Finally, Dynamic Technology Lab Private Ltd grew its holdings in Cabaletta Bio by 81.6% during the first quarter. Dynamic Technology Lab Private Ltd now owns 19,250 shares of the company's stock worth $39,000 after acquiring an additional 8,648 shares during the period.
Cabaletta Bio Company Profile
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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.
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