Cabaletta Bio (NASDAQ:CABA) Trading 9% Higher - Still a Buy?

Key Points

• Cabaletta Bio shares rose 9% to approximately $2.98, with about 2.18 million shares traded—below the stock’s average volume.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $15.33, despite ratings ranging from Strong Buy to Strong Sell.
• The clinical-stage biotechnology company recently beat quarterly EPS expectations, while institutional investors—including BlackRock and Renaissance Technologies—expanded or initiated positions in the stock.

Cabaletta Bio, Inc. (NASDAQ:CABA - Get Free Report)'s stock price was up 9% on Monday . The stock traded as high as $2.97 and last traded at $2.9750. Approximately 2,175,533 shares traded hands during trading, a decline of 44% from the average session volume of 3,899,294 shares. The stock had previously closed at $2.73.

Analyst Upgrades and Downgrades

CABA has been the subject of several recent analyst reports. HC Wainwright reiterated a "buy" rating and issued a $16.00 target price on shares of Cabaletta Bio in a research note on Tuesday, September 1st. Jefferies Financial Group reissued a "buy" rating on shares of Cabaletta Bio in a research report on Wednesday, June 3rd. Wall Street Zen cut shares of Cabaletta Bio from a "sell" rating to a "strong sell" rating in a report on Saturday. TD Cowen upgraded shares of Cabaletta Bio to a "strong-buy" rating in a research note on Monday, August 24th. Finally, Wells Fargo & Company dropped their target price on shares of Cabaletta Bio from $4.00 to $3.00 and set an "equal weight" rating on the stock in a research report on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $15.33.

Cabaletta Bio Stock Performance

The stock has a market cap of $504.38 million, a P/E ratio of -1.89 and a beta of 3.27. The business has a 50 day simple moving average of $2.94 and a 200-day simple moving average of $3.12.

Cabaletta Bio (NASDAQ:CABA - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported ($0.34) EPS for the quarter, topping analysts' consensus estimates of ($0.37) by $0.03. On average, sell-side analysts predict that Cabaletta Bio, Inc. will post -1.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP purchased a new stake in shares of Cabaletta Bio during the 2nd quarter worth approximately $2,079,000. Blue Owl Capital Holdings LP purchased a new position in Cabaletta Bio in the second quarter valued at approximately $2,223,000. BlackRock Inc. purchased a new position in Cabaletta Bio in the second quarter valued at approximately $33,447,000. Renaissance Technologies LLC grew its holdings in Cabaletta Bio by 33.8% during the first quarter. Renaissance Technologies LLC now owns 2,036,663 shares of the company's stock valued at $5,479,000 after purchasing an additional 514,080 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new position in Cabaletta Bio during the second quarter valued at $566,000.

Cabaletta Bio Company Profile

Cabaletta Bio, Inc is a clinical-stage biotechnology company focused on developing engineered T-cell therapies for patients with autoimmune diseases. The company's approach is designed to selectively target and eliminate disease-causing immune cells or restore immune tolerance, with the goal of achieving durable disease control.

Cabaletta's lead investigational program is CABA-201, a fully human anti-CD19 chimeric antigen receptor T-cell therapy being evaluated in autoimmune conditions, including systemic lupus erythematosus and other B-cell-mediated diseases.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.